7 Best Contract Management Courses For Beginners in 2024
Explore the best contract management certification programs that suit your professional needs and goals.
What is Contract Management?
Contract management is the systematic and efficient management of contracts between parties for the purpose of protecting rights, assets, and interests. Contract management processes include negotiating terms, specifications, and contract terms as well as ensuring compliance to those terms, documenting changes or amends if necessary, and analyzing contracts for performance maximization and risk minimization in order to achieve business goals.
A simple way to break this down would be to say that contract management runs through each stage of the life cycle, from creation to execution, while managing each stage's quality control processes & becoming one with the knowledge required to make prudent decisions.
Why is Contract Management important?
Contract management is an important part of any business plan. There are a lot of aspects to consider when managing contracts. It is a tool that helps businesses with their contractual agreements, especially when it comes to sharing those agreements with employees and outside entities.
Managing contracts is an important aspect of doing business. Having a contract means that two parties will be bound to the terms and conditions within it for a set amount of time before another contract or agreement can be made. In order to maintain compliance with your contracts, you'll have to identify all legal documentation regarding the contract including any amendments attached.
How to Choose the Best Contract Management Courses
Choosing the best contract management course can be straightforward if you consider a few key points:
- Accreditation: Make sure a well-known organization approves the course. This ensures the course is of high quality and valued by employers.
- Curriculum: Look for courses covering important topics like drafting contracts, negotiating, managing risks, and ensuring compliance. Practical exercises or case studies are a bonus.
- Instructor Expertise: Check the qualifications and experience of the teachers. Courses led by experts or experienced professionals provide better insights.
- Flexibility: Choose a course that fits your schedule. Online courses offer flexibility, while in-person classes might give you more hands-on experience. Some courses also allow you to learn at your own pace.
- Reviews and Testimonials: Read what previous students say about the course. Positive feedback usually means the course is worth it.
Certification and Career Advancement
Getting certified in contract management can boost your career. It shows employers that you have the skills and knowledge needed for the job. Some popular certifications include:
- Certified Commercial Contracts Manager (CCCM): This is for those who know the contract management process well.
- Certified Professional Contracts Manager (CPCM): This is for advanced contract managers who understand contract principles deeply.
- Certified Federal Contracts Manager (CFCM): This is for those working with federal contracts and requires knowledge of federal regulations.
Keeping this in mind, here at Coursesity, we have curated some of the Best Online Contract Management Courses with certification. Our guide includes top contract management online certificate programs to help you advance your career. Hope that you will find the best contract management certification programs that suit your professional needs and goals.
Top Contract Management Courses For Beginners List
- CM101: Mastering Post-Award Contract Management Bootcamp
- Project Management Foundations: Procurement Online Class
- Introduction to Contract Management
- Contracts Management in Construction Projects
- Contract Management for Beginners
- An Introduction to NEC3 & NEC4 Contracts
- Drafting of Commercial Contracts
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Best Online Contract Management Courses and Certifications
1. CM101: Mastering Post-Award Contract Management Bootcamp
Learn essential post-contract management principles and practices, and gain access to over 30 free MS tools with one of the best contract management courses online on Udemy!
In this contract management certification, you will learn the following:
- Learn post-award contract management processes in a single course.
- Write effective contractual letters and business emails.
- Compare different types of claims in a project like acceleration, disruption, and extension of time.
- Compare the key concepts like Pre-Contract vs Post-Contract, Main Contract vs Subcontract, and JV vs Consortium.
- Access the full text of a typical Joint Venture Agreement and General Services Agreement.
- Develop your own contract management responsibilities matrix. Solve the "who does what" problem in your project.
- Build a comprehensive contract administration manual for your company.
- Tips and tactics for effective tendering and subcontracting.
- Discuss different types of insurance and bonds fulfilling your project needs.
- Implement change management and handle back-charges.
- Discuss dispute resolution mechanisms and successful closing out of contracts.
Initially, you will learn how to write effective contractual letters & business emails and compare different types of claims in a project like acceleration, disruption, and extension of time. You will contemplate the key concepts like Pre-Contract vs Post-Contract, Main Contract vs Subcontract, JV vs Consortium, etc.
Next, you will develop your own contract management responsibilities matrix and will solve the "who does what" problem in your project. The course will also help you in building a comprehensive contract administration manual for your company.
Moreover, you will learn tips and tactics for effective tendering and subcontracting. You will also discuss different types of insurance and bonds fulfilling your project needs.
You can take the Complete Contract Management Bootcamp certificate course on Udemy.
Course rating: 4.7 out of 5.0 (1,609 Rating total)
Duration: 5.5 Hours
Certificate: Certificate on completion
2. Project Management Foundations: Procurement Online Class
Learn how to plan, manage, and execute project procurements, including procurement contracts, and explore emerging trends such as rapid procurement.
The contract management training course includes:
- Procurement Management Overview
- Common Procurement Pitfalls
- Critical Procurement Success Factors
- Procurement Management Processes
- How to Implement Procurements
- Emerging Trends: Project Procurement Management
This course explains what procurement management is and why it’s essential to your success as a manager. You will learn how to review key concepts, pitfalls, critical success factors, and implementation of best practices.
Moving on, you will learn how to collaborate more effectively with your vendors and contract management team by understanding different procurement contract types.
Plus, you will explore emerging trends such as rapid procurement and micro-purchases, which help speed up procurements.
You can take Project Management Foundations: Procurement Online Class certification course on LinkedIn Learning.
Course rating: 4.7 out of 5.0 (1,047 Rating total)
Duration: 1h 16m
Certificate: Certificate on purchase
3. Introduction to Contract Management
Understand what is involved in the contract management process and put this knowledge to work with confidence.
The online contract management course includes:
- Contract Law
- Common Contract Terms and Conditions
- The contract manager
- Negotiation
- Contract risks
- Contract administration
- Contract closure
With this Contract Management course, you will learn how to define a contract and understand the importance of knowing the parties. You will understand the building blocks of contracts and identify the key elements involved in contract formation.
Next, the course will demonstrate an understanding of common contract terms and conditions. You will learn how to identify potential contractual issues, and variations, and manage them.
Additionally, you will learn how to find out key contract risks, finalize contracts, and gain continuing professional development points with the presentation of your completion certificate to organizations such as CIPS.
You can take the Introduction to Contract Management certificate course on Udemy.
Course rating: 4.3 out of 5.0 (2,034 Rating total)
Duration: 3.5 Hours
Certificate: Certificate on completion
4. Contracts Management in Construction Projects
Learn about Contract Management, Contract Administration, FIDIC, Bank Guarantees, etc.
The course includes:
- Contract Arrangments
- FIDIC Timelines
- Contractual Letter
- Bank Guarantees
- FIDIC Books
- Variation vs Claim
- Termination Clause
- Delay Damages
Here, you will learn about the different contracting arrangements utilized in different types of construction projects. You will also learn about the entire FIDIC conditions of the contract for construction for building and engineering works timelines that need to adhere to in the construction works.
Plus, you will receive helpful tips & step by step procedures on how to draft a contractual letter. You will also learn about the different bank guarantees in construction projects.
You can take Contracts Management in Construction Projects certificate course on Udemy.
Course rating: 4.3 out of 5.0 (820 Rating total)
Duration: 1.5 Hours
Certificate: Certificate on completion
For a more detailed view of the field of Business, you can check out our curation of some of the Best Business Courses available online!
5. Contract Management for Beginners
Learn the basics of Contract Management so you can apply them to your everyday work with this entry-level contract management certification.
The course includes:
- Introduction to Contract Management for Beginners
- What is Contract Management?
- Pre-Signature Contract Management
- Post-Signature Contract Management
Initially, you will learn what contract management is and how you can undertake contract management within your organization. You will also understand what pre-signature contract management is and how to apply pre-signature contract management activities within your organization.
Moving on, you will learn what is post-signature contract management and how to apply post-signature contract management activities within your organization.
You can take Contract Management for Beginners certificate course on Udemy.
Course rating: 4.6 out of 5.0 (137 Rating total)
Duration: 1.5 Hours
Certificate: Certificate on completion
6. An Introduction to NEC3 & NEC4 Contracts
Get a head start in NEC3 & NEC4 commercial understanding with this Entry-level contract management course.
This course offers an in-depth review of NEC Contracts, covering essential aspects such as core clauses, main option clauses, early warning and compensation events, dispute resolution, and disallowed costs. It also highlights the significant changes introduced in NEC4. By completing this course, participants will gain increased confidence and a thorough understanding of the world's most widely used infrastructure contract.
The course includes:
- Suite of contracts available.
- NEC Core Clauses
- Definition and application of Early Warnings and Compensation Events.
- Difference between NEC main options.
- Optional clauses
- Disallowed cost
- Dispute resolution process
- NEC3 vs NEC4
- NEC vs JCT
This course breaks down complex commercial topics into short, easy-to-understand animated videos. Each section includes a mini-test designed to solidify your knowledge and help you leave with both a comprehensive understanding and confidence in NEC contracts. Whether you are an experienced Quantity Surveyor or a layman, this course is suitable for anyone interested in mastering NEC contracts.
You can take the Contract Management for Beginners certificate course on Udemy.
Course rating: 4.5 out of 5.0 (244 Rating total)
Duration: 38 minutes
Certificate: Certificate on completion
7. Drafting of Commercial Contracts
Comprehensive learning on the lifecycle of commercial transactions - drafting and executing drafts, contract management.
In this Contract management certification, you will learn the following:
- Understanding of the typical life-cycle of corporate transactions.
- Learn to draft watertight commercial contracts.
- Managing breach and termination of contracts.
- Drafting and negotiating alternative dispute resolution clauses.
- Effective risk control measures to minimize legal exposure and avoid disputes.
This beginner contract management course will introduce you to the lifecycle of typical commercial transactions, followed by focused learning on drafting and analyzing critical provisions in commercial agreements. You will enhance your negotiating skills and learn to advise clients on reducing exposure and avoiding litigation. The training covers essential techniques for ensuring contracts are well-negotiated, properly drafted, and effectively managed.
By the end of this contract management training, you will be equipped with advanced skills in drafting and negotiating commercial contracts, enabling you to handle complex transactions confidently and effectively.
Course rating: 4.3 out of 5.0 (393 Rating total)
Duration: 4 Hours
Certificate: Certificate on completion
FAQs
1. What are the benefits of taking a contract management course for beginners?
Taking a contract management course for beginners has several benefits. Firstly, it helps you understand the basics of creating, negotiating, and managing contracts, which is essential in many business environments. It can also boost your confidence in handling contracts and help you avoid common mistakes. Additionally, such a course can enhance your career prospects by providing you with a valuable skill set that is in demand across various industries.
2. What topics are typically covered in an introductory contract management course?
An introductory contract management course typically covers a range of fundamental topics, including:
- Basics of contract drafting and negotiation
- Understanding different types of contracts
- Key contract terms and clauses
- Risk management and compliance
- Dispute resolution methods
- Contract lifecycle management from creation to execution and closure
These topics provide a solid foundation for anyone new to the field.
3. How long does it take to complete a beginner contract management course?
The duration of a beginner contract management course can vary. Some courses can be completed in a few weeks if you study part-time, while more comprehensive courses might take a few months. The length of time depends on the depth of the material and the format of the course, whether it's self-paced or instructor-led.
4. What certifications are available for contract managers, and are they necessary?
There are several certifications available for contract managers, including:
- Certified Commercial Contracts Manager (CCCM)
- Certified Professional Contracts Manager (CPCM)
- Certified Federal Contracts Manager (CFCM)
These certifications are not always necessary, but they can enhance your resume and demonstrate your expertise and commitment to the field. They can also open up more job opportunities and potentially lead to higher salaries.
5. Are there any free resources or courses available for learning contract management?
Yes, there are free resources and courses available for learning contract management. Websites like Coursera, edX, and some universities offer free introductory courses. Additionally, professional organizations and industry experts often provide free webinars, articles, and guides that can help you gain valuable knowledge and skills in contract management.
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