This contract agreement is made into this ___________day of _____________ 20___, between “Lee Company Limited,” represented by ___________________________ hereinafter referred to as the “owner or Lee Company” and Biz-Hub Training Company represented by _______________ also hereinafter referred to as “the Trainer” or “the contractor,” to deliver specific software usage training sessions to twenty Lee Company staff members.
Whereas, Lee Company has expressed the desire to have Biz-Hub Training Company train twenty staff members in accordance with the specifications agreed upon between the two parties.
The Trainer will offer training sessions for Lee Company as specified in the Scope of Training Sessions and commencement date.
Scope of Training, Commencement, and Completion
The Trainer has agreed to deliver training sessions to Lee Company at an amount of $___________ for the satisfactory delivery of training sessions. The lump sum is fixed and subject to changes only if the scope of training is changed, in which case further costs incurred by the Trainer will be added to the lump price agreed upon.
Terms of payment
The Owner agrees to pay in a lump sum the agreed amount one day before the commencement of the training sessions. Where the Trainer will have incurred more costs, Lee Company shall make such payments upon the completion of the training sessions, and the Trainer delivers the user manual and the help sheets.
Delay in Payment
Lee Company has agreed to make a lump sum payment be the commencement of the training sessions. Thus, there will be no delay of payment on the initial lump sum.
Roles and Responsibilities
IN WITNESS WHEREOF the parties and their representatives append their authorized signatures and agree to execute this agreement effective from the commencement date stated in this contract agreement.
Signed for and on behalf of Lee Company limited: __________________________________
Lee Company representative signature
In the presence of: ____________________________________________________________
Signed for and on behalf of the Biz-Hub Training Company: _________________________
Signature of the Trainer
In the presence of: ___________________________________________________________
“Risk management for Contracts” Article Review
The article Risk Management for contracts asks the ultimate question, what is the objective of any contract? According to Massey (2008), one side, the argument is that a contract defines the rights and responsibilities of each party in a contract. While on the other, others believe that contracts define the way parties act in case an uncertain event happens in future. Nonetheless, both arguments notwithstanding the contracting process are designed to help in the management of risk in its various forms. The article defines risk as the uncertainty that may affect the desired outcomes of the contract. For instance, a contract helps avert the risk of doing a job and not being paid. Another reason may be due to the limited availability of skilled labor, forcing employers to undertake the risk management for contractors to ensure a reasonable flow of work so that they can make some considerable amounts of return from the work. Additionally, risk management protects the contractors from employers who embark on a contract and later abort it in case they notice they are not culturally aligned. The risk management works in the same way as the alternative dispute resolution because working together is not easy. The adoption of more stringent terms protects the employers and limits the exposure from potential claims from the contractor. The contractors also have various tools at their disposal to help in managing the risks that contractors are exposed to. Unfortunately, contractors rarely use these tools. When something goes wrong, it is because of either an incompetent programme or no agreement applicable to the scope of work for the contractor. However, as Massey elaborates, the use of risk assessment and management in all the phases of a contract can eliminate such risks and ensure a smooth working relationship.
Application of Information
Within the organization setting, circumstances will always force parties will enter into a contract such sales agreements, leases, affiliation agreements, and service contracts among others. A contract is an agreement enforceable by the law and binding to all the parties involved in the agreement. However, contracting might create several risks and care in managing such risks can protect the organization against loss. According to Massey (2008), it protects both parties from risks arising from one party breaching the terms of an agreement. The article on risk management for contracts explores the various ways a contractor and an employer can avert the risks arising from contracts in case one party breaches the terms. It also elaborates on the importance of risk management as a form of insurance against undesired outcomes on the objectives of the contract. Consistently, the information acquired in this article can be applied in the design of a contract such understanding that all requirements of a contract must be written and clearly indicated. Ensure that the designated authorities negotiate and sign contracts to ensure that all parties are binding to the agreement. Along with that, it is important to understand the obligations that come together with a contract and the risks that can arise in case a contract is not clearly written and understood by both parties. As a potential contractor and an employer, the information can also be applied in both settings to ensure that the employer does not breach the terms and the contractor respectively.
ReferencesMassey, I. (2008). Risk management for contracts. Civil Engineering: Magazine of the South African Institution of Civil Engineering, 16(1), 34.
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