Agreements Management Practice Exam

Agreements Management Practice Exam

About Agreements Management
Contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at an organization, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance.

Effective and proactive contract lifecycle management is achieved through the use of contract lifecycle management software. CLM software can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit an organization’s exposure to risk by reducing missed obligations and increasing compliance with legal requirements.

Contract management helps in tracking the suppliers, assessing their performance based on the criteria mentioned in the contracts, and evaluating supplier risk. Furthermore, it also acts as a mechanism for building long-term, collaborative relationships with the suppliers resulting in valuable synergies.

Why is Agreements Management important?
In business, contracts are important because they outline expectations for both parties, protect both parties if those expectations aren't met and lock in the price that will be paid for services.

The key purpose of a contract is to act as a tool for structuring the relationship and recording what the parties have agreed to do for and with each other.

Benefits of Contract Management:
•    Ensures that contractual obligations by both the sourcing supplier and client are met;
•    Helps eliminate potential breach of contract situations;
•    Improves adherence to outsourcing contract objectives;
•    Provides a well-documented audit trail;
•    Ensures more favourable contract outcomes;
•    Improves quality of service and customer focus;
•    Achieves value for money and financial control;
•    Decreases the level of risk;
•    Clarifies the roles and responsibilities of the contract manager, contractors, end users;
•    Provides early identification and resolution of poor performance, other problems or disputes;
•    Provides  evaluation  of  the  specification  against  contract  performance  and  identification  of  contract  changes  or variations.

Who should take the Agreements Management Exam?
•    Legal professionals
•    Business owners
•    Entrepreneurs
•    Anyone who wants to assess their Contract Management skills
•    Legal managers and senior executives
•    Legal consultants
•    Professionals working in outsourced companies responsible for Contract Management
•    Any professional with skills and knowledge on Contract Management
•    Anyone interested in Contract Management

Knowledge and Skills required for the Agreements Management

Candidates gain quick success if they have skills of negotiation and good communication skills.

Agreements Management Practice Exam Objectives

Agreements Management exam focuses on assessing your skills and knowledge of SLA, contract formation, execution and negotiation.

Agreements Management Practice Exam Pre-requisite

There are no prerequisites for the Agreements Management exam. Candidates who are well versed  in Agreements Management can easily clear the exam.
 

Agreements Management Certification Course Outline

Domain 1 - Introduction to Agreements Management

• Overview of agreements and contract management
• Importance of effective agreements in business
• Key roles and responsibilities in agreements management

Domain 2 - Contract Drafting and Review

• Standard clauses in contracts and agreements
• Review and negotiation of terms and conditions
• Legal language and terminology in contracts

Domain 3 - Legal and Compliance Considerations

• Regulatory requirements and compliance in contracts
• Ethical and legal issues in agreements management
• Risk management strategies in contracts

Domain 4 - Contract Negotiation Techniques

• Approaches to negotiating favorable terms
• Handling disputes and disagreements
• Best practices for stakeholder engagement

Domain 5 - Managing the Contract Lifecycle

• Stages of contract management
• Monitoring and enforcing contract terms
• Contract renewals and amendments

Domain 6 - Digital Tools for Agreements Management

• Software tools for drafting, managing, and storing contracts
• Use of cloud-based systems for document management
• Electronic signatures and contract tracking

Domain 7 - Contract Performance and Risk Management

• Monitoring contract performance and compliance
• Identifying and mitigating risks in contracts
• Dispute resolution and contract termination

Exam Format and Information
Certification name – Agreements Management Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees - INR 1199