Procurement and Contract Lifecycle Basics

In today’s corporate landscape, understanding procurement and contract management is essential for operational efficiency and regulatory compliance. This course introduces participants to the fundamentals of procurement processes and contract lifecycle management. It is designed for individuals new to contract management, helping them navigate key stages from contract initiation through award, execution, and closure.

• Understand the end-to-end procurement process and its role in contract management
• Identify and apply the stages of the contract lifecycle
• Develop practical skills in contract negotiation and contract award procedures
• Gain techniques for effective contract administration and compliance
• Recognize legal and ethical considerations in procurement

• New contract managers
• Procurement officers
• Business professionals involved in procurement and contracting
• Individuals interested in entering the field of contract management

Module 1: Introduction to Procurement

• Basics of procurement
• Procurement planning
• Supplier selection process

Module 2: Understanding the Contract Lifecycle

• Stages of the contract lifecycle
• Contract development
• Lifecycle management

Module 3: Contract Negotiation Basics

• Negotiation strategies
• Negotiating terms and conditions
• Effective communication in negotiations

Module 4: Contract Award and Execution

• Awarding contracts
• Executing contract provisions
• Contract performance management

Module 5: Managing Contracts

• Contract administration
• Monitoring and compliance
• Managing contract changes

Module 6: Risk Management in Procurement and Contracts

• Risk identification
• Risk mitigation strategies
• Contractual risk transfer

Module 7: Legal and Ethical Considerations

• Legal principles in contracting
• Ethical issues in procurement
• Compliance and regulatory requirements

Module 8: Closure and Evaluation

• Closing contracts
• Post-contract evaluation
• Lessons learned and continuous improvement

The course combines various teaching methods, including instructor-led presentations, group discussions, case study analyses, and assessments through quizzes and a final exam to engage participants and ensure they understand and retain the material.