Contract Law is one of the branches of law which is intertwined with all spheres of life, be it a small transaction of buying a Coke from the canteen to major business transactions of mergers and acquisitions, all revolve around the principles set in Contract law. It is understood that we do learn the relevant principles in their regular course of bachelors and masters but we fail to relate the principles with everyday transactions. When it comes to commercial and professional contractual relations, many elements must be kept in mind. Each detail becomes important and should be dealt with urgency and utmost care. In short, all risks can be managed and mitigated if the contracts are made in a proper and professional manner.
The main aim of this workshop would be to focus on practicalities involved in Contract law. There are four basic stages of contract management – negotiation, drafting, formation and execution. The workshop is designed to put in effect all four of these stages as well as going over theoretical principles. Participants will be placed in real life situations and will be given a set of objectives which they need to achieve during establishing a contractual relation between parties – this can involve business to business contracts and business to consumer contracts.
Rahat Aziz
Rahat Aziz is a law graduate from S.M. Law College and is pursueing his PhD from Punjab University, Lahore. He is enrolled in Sindh Bar Council as Advocate High Court and have an experience of more than 30 years in the field of Corporate and Commercial Law. He is considered as a trustworthy authority when it comes to interpretation of company laws and concepts. He has spent a considerable time in academic field as well being on the faculty panel of leading universities and CA centers of Karachi, such as Institute of Business Administration.
Sarmad Aziz
Sarmad Aziz is a law graduate from University of London International Programme (locally provided by SZABIST) and did his masters in business administration from Institute of Business Mangement (IoBM). He is enrolled in Sindh Bar Council as Advocate High Court and have an experience of more than 7 years in the field of Corporate and Commercial Law. He is an accredited mediator and have been a part of Steering Committee of Young Arbitrators Group of CIICA.
Time distribution
The workshop is designed to take place over two days. It is aimed to be 7-8 hours long with three intervals. The following timetable is proposed:
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Day 1
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Day 2
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8:30 – 9:00
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Registration
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Follow up on previous day
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9:00 – 10:30
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Session 1 – Formation of Contract and Vitiating factors
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Session 1 – Business specific contracts based on the participants – SPA, SHA, Engineering etc.
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10:30 – 11:30
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Session 2 – Terms of the Contract
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11:30 – 11:45
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Break
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Break
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11:45 – 12:30
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First Role play - Negotiation
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First role play – Drafting
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12:30 – 2:00
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Lunch and Namaz break
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Lunch and Namaz break
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2:00 – 3:30
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Session 3 – Discharge and Role of other commercial laws
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Session 2 – Risk Management aspects – Examples of different business contracts and key features to look for.
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3:30 – 4:30
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Session 4 - Drafting
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4:30 – 5:00
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Second Role play – Drafting
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Second Role Play – Vetting
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The Workshop is planned to have the following contents along with its desired effect:
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S. No
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Content of Workshop
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Desired Outcome
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1.
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Formation of Contract and Vitiating Factors
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1. Participants should know the key principles involved in forming a contract – clarity of offer, reciprocal acceptance, essential elements of counteroffer, withdrawal of offer etc.
2. Participants should understand the importance of consideration in a contract – value, real, lawful
3. Participants should know the importance of free will – how fraud and misrepresentation can ruin a contract, what role mistake plays in the formation of contract etc.
After end of this session – participants should be able to link how each component is relevant and useful in managing risks.
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2.
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Terms of the Contract
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1. Participants should be able to identify the different types of terms based on their importance and impact upon breach.
2. Participants should be able to understand the importance of oral negotiation and how oral statements can be made a term in a contract.
3. Participants should be able to understand the international terms which are considered useful.
After the end of this session – participants should be able to understand how important terms are in order to mitigate the risk and how a small casual approach can jeopardize the arrangement.
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3.
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Discharge
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1. Participants should be able to understand how a contract can be discharged
2. Participants should understand the basic differences between novation, alteration etc.
3. Participants should know the remedies available with them under contract law – damages (types and calculations) and equitable remedies (injunctions and specific performance).
After the end of this session – participants should be able to understand how amendments in the contract can be initiated and accomplished keeping in mind changing times.
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4.
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Role of Other commercial laws
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This session shall look into other commercial laws including laws of Agency, Bailment, Pledge, Guarantee and Sale of Goods. The Participants should be able to align their business arrangements in accordance with these laws helping them to understand and mitigate the risks properly.
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5.
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Business Specific contracts – based on the participants
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This session is particular to make the participants accustomed to the types of contracts which can come in their professional field. The session will focus on the different types of contracts, different terms which can be made part of that particular contract and what remedies can be put in the contract.
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6.
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Risk Management Aspects
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This session will focus on the minor details and fine prints which can be kept in mind in order to make sure that the business protects itself from any untoward incident in the future. The person responsible should be able to keep one eye on the future. The essence is to look beyond the opportunity of business and make sure the relationship and the risk are both protected.
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The Workshop is also planned to have extra-curricular sessions which are as follows:
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S. No
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Extra Curricular Sessions and Roleplays
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Desired Outcome
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1.
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Drafting
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Many people think that drafting a contractual term/contract is the work of lawyers. It is true, however with some useful techniques a person can easily master the technique of drafting a contract. This session will focus on systemizing the contract, drafting essential terms and things to look for.
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2.
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Roleplay – Negotiation
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Participants will be given a business scenario through which they will be asked to negotiate a proper deal. Both parties will have essential points with them from which they cannot deviate.
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3.
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Roleplay – Drafting
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Once the negotiation will be done in the first role play, the teams will be asked to draft the terms. The two participants shall be asked to divide the negotiated aspects amongst themselves and draft the best possible term sheet from it.
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4.
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Roleplay – Drafting (2)
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A general scenario will be handed over to the participants pertaining to their business interest and will be asked to draft a term sheet which they think would be essential for their business and protects them in all manner.
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5.
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Roleplay – Vetting
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The term sheets which are drafted in the Drafting (1) roleplay will be exchanged with their counterparts with whom they negotiated the contract. The parties will then vet the terms drafted by the other party in order to make sure their business proposition is proper and the elements mentioned are as per the negotiations made.
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Who should attend
1. Managers of the Companies – especially the ones linked with Business Engagement and Procurement
2. Faculty of Contract Law and Business Law
3. Legal Practitioners
4. Entrepreneurs who wish to manage the legal aspects of their business in a professional manner from the get-go
5. Fresh graduates who wish to enter into commercial law field
6. Government officials
7. Armed forces officials linked with procurement and contract management
8. Relevant Personal of NGOs and NPOs who engage in contract related activities on a regular level.
IBA CEE Cancellation Policy for Open Enrollment Programs:
In the event of participant's cancellation, the following schedule will apply:
- 5 days before start of workshop - No cancellation
- Within 4 to 2 days prior to workshop Half program fee forfeiture
- Within 1 day and No Shows - Full program fee forfeiture
Cancellation notification must be made in writing to CEE.
Postponement
Due to any unavoidable circumstances, the workshop may be postponed by the institute. In case of postponement, the institute will refund full fee of the program or the participant may opt to defer his/her registration to the next program.
Substitute
Substitutes will be taken at least 2 days prior to the workshop. Should we be unable to accept your application for any reason, your payment (cheque/draft) will be returned to you.
Deferrals
All registrations deferrals must be requested in writing at least 2 days prior to the workshop. Send a note to the Program Registration Team indicating that you wish to have your registration deferred to another session of the same program within one year. The deposited fee will be carried forward. Please note that only one transfer is permitted. After one year, the deposited fee will be fully forfeited.
