Negotiating, Drafting and Enforcing Remedies In Commercial Contracts
1 hour 30 minutes
Gain a better understanding of commercial contract breaches and remedies.
Business executives often enter into commercial contracts with optimism, happy to have negotiated an agreement for a new project and excited about getting started. Unfortunately, that optimism often leads businesspeople to fail to prepare for what might happen should the work not go as planned. Indeed, many times businesses enter into contracts without paying due attention to provisions regarding potential damages and remedial measures. The reality is that every contract involves risk, and it is critical for a businessperson to understand the contractual tools available to help mitigate against risk and learn how to use them. This topic helps businesspeople, and those who advise them, learn how to plan for when things go wrong with a commercial contract. The material explains how risk can be mitigated using contractual provisions, and helps businesspeople understand the nature of contractual remedies, the types of damages commonly arising from commercial contracts, key contractual provisions which can limit recovery of damages and different methods for enforcement of remedies. Failing to effectively plan for contractual remedies is a common error that can lead to huge losses, and this material will provide businesspeople with crucial information to help them avoid making that common mistake.
• You will be able to define types of contractual damages and identify contractual provisions used to limit those damages.
• You will be able to describe risk mitigation through the use of contractual provisions, including requirements relating to indemnity, insurance coverage and bonding.
• You will be able to discuss the consequences which may arise from termination of a contract.
• You will be able to explain different ways in which contractual remedies may be enforced and the pros and cons of those different methods.