ChatGPT for Procurement and Contract Management: Real Use Cases (That Actually Work)
If you’re in procurement or contracts, you already know the pain: emails everywhere, PDFs no one reads, versions of the same clause floating around, and approvals that move slower than a Monday morning site meeting. ChatGPT doesn’t magically “fix procurement.” But used correctly, it can remove 30–60% of the repetitive drafting, summarising, and analysis work […]
Contract Risk Management and Mitigation Strategies for Projects
Why Contract Risk Matters in Projects Every project runs on agreements. These agreements define what will be delivered, who will deliver it, how much it will cost, and what happens if something goes wrong. In other words, contracts sit at the heart of project success or failure. When contract risks are ignored or poorly managed, […]
Contract Administration Training for Project Engineers and Managers
The $400 million power plant project had a perfect contract. Drafted by top lawyers. Negotiated by experienced commercial teams. Everyone signed confidently. Then the project started. Within six months, disputes exploded. Claims piled up. The client refused payment. The contractor threatened to walk off-site. What went wrong? The contract was fine. The administration was terrible. […]
Contract Drafting Rules
In previous posts, we discussed various types of contracts based on the nature of transaction, mode of project delivery, and compensation method. The next step in the journey is learning how to draft a good contract — one that’s simple, error-free, and easy to execute. In this post, we’ll explore six important contract drafting rules […]
Difference Among Lump Sum, Item Rate & Cost Plus Contracts
In the previous post, we covered the contract classification based on Nature of Transaction and Mode of Project Delivery. Accordingly, we discussed the difference among Supply, Service Contracts & Works Contracts and among EPC, EPCM and Multiple Packages Contracts In this post, we are going to discuss various kinds of contracts under the broad category called […]
Difference among EPCM, Multiple Packages and EPC Contracts
In the last post we covered Contract Classification based on the Nature of Transactions. We discussed that based on the kind of transaction, contracts are classified as Supply, Services and Works Contracts. Please click here to re-read last posts: http://www.rkstrainings.com/difference-among-supply-service-and-works-contract-2/ In the business world, every business entity is dependent on other firms for procurement of goods, services or […]
Difference among Supply, Services & Works Contracts (1)
Hi Friends, In the previous posts, we have covered Basic Concepts and Definition of a Contract. Now the next step in the journey is to discuss different kind of contracts and rationale behind their classification. Contracts could be classified into various types based on the followings categories; In this post, we will discuss various types of contracts based on: Nature […]
Sale of Goods Act – Law Governing Supply Contracts
In the last post we discussed Indian Contract Act, a statue applicable to the contractual relationships between the parties. Please click on the link below to read the post again http://www.rkstrainings.com/indian-contract-act-law-governing-contracts/ In this post we are going to discuss Sale of Goods Act, a specific law related to sale/purchase of good Sale of Goods Act […]
Significance of MOU and its most suitable use
Dear Readers, In the last post we discussed what MOU is and how it is different from a contract. Please click on the link below to read it again http://www.rkstrainings.com/2022/01/31/difference-between-mou-and-contract/ In this post, I wish to explain the significance of MOU and its most appropriate usage. Accordingly, we will realize its relevance for commercial and non-commercial agreements entered between […]
Difference between MOU and Contract
Dear Readers, MOU is a common term and we hear about it frequently in our work life. Business Entities and Central/State Governments regularly draft/sign MOU’s to records the mutual promises and understanding of the parties. Also, they keep on referring/interpreting existing MOU to know the respective duties of parties. So what is the relevance of […]