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Globalization impact on Contract Management
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Contract Lifecycle Management - Think Big, Start Small and adopt faster Organizations that look to manage contracts effectively and efficiently have clear-cut agenda. It wants to mitigate financial risk that might arise due to non-compliance of contract and also effectively manage the relationship with vendors, customers and employees who help in creating value. Managing relationships could be a challenging process if there is no visibility and transparency on the terms on which the relationship was built. Even the best framed contracts are of little use if nobody is familiar with them. Several large global conglomerates have realized the importance of creating transparency and accessibility of contracts to all internal stake holders. Globalization has opened up lot of possibilities for procurement but has also increased the complexity of contracting process due to a variety of legal requirements across the globe. With increasing competition, even being an industry leader, no longer provides the insulation from market fluctuations. Organizations are caught unprepared with extremely ...
With commercial dealings on the rise in Australia and globally, so too are the complications. If some sort of codification is not established and built from the principals that already exist, commercial opportunities could be in jeopardy due to the uncertainty and risk of not having a clear outline or set of laws to cover contracts generally.
Within the Social Contract Theory, living within a society requires us to have rules and laws. This gives people the groundwork for how people and governments cooperate. Individuals receive stability when they live in a social structure. This gives them security from other individuals that may want to do them wrong. In order for them to receive this protection, they have to give up some freedoms, such as being able to steal without receiving punishment. Individuals need to commit to helping make society secure, and happy.
According to Rousseau (2004), “psychological contracts are beliefs, based upon promises expressed or implied, regarding an exchange agreement between an individual and, in organizations, the employing firm and its agents”. Rousseau, went further detailing the six features of psychological contract, which includes, voluntary choice, belief in mutual agreement, incompleteness, multiple contact makers, managing losses when contract fails, contract as a model for employment relationships. She also listed types of psychological contracts and these includes, relational, transactional and hybrid or balanced psychological contract. Finally, she gave guidelines on how managers can deal with psychological contract.
The case presented is that of Sam Stevens who resides in an apartment. He has been working on an alarm system that makes barking sounds to scare off intruders, and has made a verbal agreement with a chain store to ship them 1,000 units. He had verbally told his landlord, Quinn, about his new invention and Quinn wished him luck. However, he recently received an eviction notice for the violation of his lease due to the fact that his new invention was too loud and interrupting the covenant of quiet of enjoyment of the neighbors and for conducting business from his apartment unit.
Contracts are used to dictate how an agreement between two or more parties, involved in a mutually beneficial relationship, will function in a way that is agreeable to all parties involved. There are many different types of contracts for many types of situations and they can cover a wide range of rules and regulations dependent each parties wants and needs. Sometimes the agreement between the parties involved changes, but it is not always so simple to change the terms of a contract. As Christians contracts have been in our lives for a long time. God made a contract with all of us from the very beginning and he has honored the terms of that contract ever since. “He remembers his covenant forever, the word that he commanded, for a thousand
No company that falls behind the competition is guilty of standing completely still. But sometimes our efforts fail because of the level of commitment to change.
Faced with changing markets and higher competition, more and more firms are struggling to reestablish their dominance, keep market share, and in some cases, ensure their survival. Many have come to understand that the key to competitive success is to transform the way they function. They are reducing reliance on managerial authority, formal rules and procedures, and narrow divisions of work. In effect, companies are moving from the hierarchical and bureaucratic model of organization that has defined corporations since World War II to what can be called the task-driven organization where what has to be done governs who works with whom and who leads. But while senior managers understand the necessity of change to cope with new competitive realities, they often misunderstand what it takes to bring it about.
There are a variety of challenges that firms may face when attempting to be the best in their specified industry. Economic and political challenges can make it difficult for companies to maintain a competitive advantage. In addition to maintaining a competitive advantage, some firms also find difficulty in keeping its branding alive and by attracting customers as their strategies, products, and management change over the course of time. Industries such as the automotive industry, healthcare industry, retail industry, and many more experience a variety of challenges based on their competition. Firms must create successful strategies in order to maintain competitive with their competition and in order to gain advantages in their industry (Hitt, 2013).
A key part of an organizational strategy is to identify market opportunities by finding a niche or a gap in the marketplace that they can pursue to take their company ahead of all their competitors. An organiz...
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
...llenging to the organization is undeniable thus the organizations really have to come out with competitive transformation strategies so that they are strong enough to compete with their business competitors (Tonono, 2008).
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
From elementary to high school and even college students are compelled to attend school all around the world. In schools students not only learn general education but learn a lot about themselves. It is said that in the first twenty years of an individual’s life are the years that the individual finds out who they really are. An individual’s moral beliefs are one of the most personal and complex pieces of that individual. There are several great moral theories that could be taught in school, but to only choose one is very difficult. Some of the most known moral theories are Utilitarianism, Virtue Ethics, Kantianism and even Social Contract Theory. All of these theories were developed by some of the most incredible philosophers of all time.
establishing a collaborative relationship between the OD practitioner and the members of the client system. A major component of entering and contracting is to make a good decision about how to carry out the OD process. The contract allows the parties involved to explicitly set the direction of the project and how the process will take place. The OD contract will generally address three key areas: setting mutual expectation or what each party expects to gain from the OD process; the time and resources that will be devoted to it; and the ground rules for working together and the stating of what are the proper roles of all the parties involved including the practitioner.
Strategic management is important to acquisitions because how a product is procured, manufactured and shipped is an integral part of a business. A weak supply chain can lead to excessive costs due to wasted time and fuel while shipping if routes and transportation methods are not properly selected. Also, if deliveries are not made on schedule, customers will be dissatisfied with the service. If a warehouse is not properly managed and organized, orders may not be filled in a timely manner or products could be damaged leading to excessive waste. Companies who enter into contracts to obtain or provide products or services need to be able to effectively negotiate so that they receive the best value for their company. To do this, they need to be aware of what their company’s advantages and disadvantages are as well as what goals and benefits they are trying to gain. Companies need to analyze how well their acquisition process works so that they can be sure that it adds to the competitive advantage of the industry as a