Commercial Awareness - Introductory Level

This is an introductory level course addressing commercial aspects of construction for which aspiring project managers need a level of knowledge in order to be able to protect themselves, their Employer and their clients.

Learning Outcomes:
On completion of this course delegates will have a raised awareness and better appreciation of some of the commercial issues within construction.

Aims and Objectives:
To provide course delegates with an appreciation and understanding of Company objectives and how those objectives relate to practice and procedure external to the Company.

Course Outline:
The course is divided into three main elements:

General Introduction

1) What is a Contract?

Basic constituents of a contract
Breach, variation and damages
2) Contracts Generally

Standard Form Contracts
Bespoke Contracts
Procurement alternatives - lump sum, measure and value etc.
Pre-Contract Considerations

1) Bonding

Forms of protection - PCG, Bond, Collateral Warranty
Rights of Third Parties Act
Amounts of Bonds and their effects
2) Insurances

Different types of insurance and their purpose
PI Insurance, All Risks, Employers Liability, Third Party Liability
Excepted Risks
3) Contract Viability

Factors influencing decision to tender
Targeting tenders
4) Currency and Tax

Taxation regimes on domestic and international projects
Effects of exchange rates on transactions and contracts
Multi-currency contracts and payments in kind
Hedging of currencies
5) Payment

How will payment be made?
Letters of credit and guarantees
Cash flow and milestones.
6) Risk Management

Identification of risk on a project
Selection of courses of action
Monitoring and Managing the risk
Post-Contract Considerations

1) Change Management

Identification of Changes
Recording and evaluating
Contract mechanisms
2) Programming

Methods of Programming - Gantt Chart, Time location, line of balance
Proprietary software
Importance of monitoring effects on a project
Mode of Delivery:
The training session is run on an interactive basis and incorporates a number of group exercises in addition to elements of PowerPoint presentation.

Benefits Perceived by Participants:
A raised awareness and understanding of some of the commercial considerations arising during the construction process.

Intended for:
The course is aimed at delegates up to assistant Project Manager level or equivalent.

Pre-Course Requirements:
There are no particular pre-course requirements.

Duration:
1 days (6 hrs IPD/CPD)

Delivery:	Classroom
Regions:	Scotland Northern Ireland The West Midlands Wales South West England South East England
Category:	Basic Health and Safety