Contract Risks and Management of Contract Risks (Contract, Contract Risk & Contract Risk Management)

Contracts can be verbal or written and are used to create or expand the relationship between two or more parties. Contract risks affect the operations, arrangements and outcomes of, and the participants in, a contract. Contract risk entails potential losses due to a buyer's inability to pay or failure to abide by the contract agreement. The video discusses contract risks and contract risk management. In this video, you will understand the meaning and elements of a valid contract, contract risks, classification of contract risks, challenges of contract risks and how to mitigate them, financial limitations of aggravated risks, contract risk management, transfer of contract risks, and contracts insurance policies. If you find this video helpful, please give the video a thumbs-up and click the like button.


00:00 - Introduction
00:54 - The meaning and elements of contracts,
02:36 - Contract risks
03:21 - Classification of contract risks
03:40 - - Financial risks
04:35 - - Legal risks
05:24 - - Security risks
06:14 - - Brand risk
06:45 - - Operational risk
07:17 - Challenges of contract risks and how to mitigate them
12:05 - Financial limitations of aggravated risks
12:41 - Contract risk management
13:36 - - Step 1: Identification of contract risks
14:56 - - Step 2: Assessment of contract risks
16:25 - - Step 3: Mitigation of contract risks
17:02 - - - Eight (8) ways of mitigating contract risks
22:34 - - - Features of contract management software
24:36 - Step 4: Transfer contract risks
25:34 - Step 5: Monitor and review the contract risk management lifecycle
26:27 - Transfer of contract risks
27:02 - Indemnification
28:02 - Liability limitation
28:31 - Subrogation waiver
29:22 - Contracts insurance policies
35:43 - Conclusion

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