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Contract Creation and Management Simulation

Buy custom Contract Creation and Management Simulation essay

Dealings in a business come with the involvement of many contracts. Sometimes managers of most businesses have a difficulty in handling the contracts that the business receives according to Honnold in the year 1995. However, it is the legal right of the participating parties in the contract to discuss and study the terms that the contract comes with. There indeed will be no point of either of the parties failing to read and comprehend the terms of the contract before signing it. Such parties do not have any legal right to complain about anything in the contract once they sign it.

However, there are still many cases of contracting companies or businesses caught up in disputes on these contracts even after signing them. This is by premature conduct at start and clear irresponsibility. The best method of solving such a scenario is negotiating over deadlines, the deliverables and the other issues involved before the signing of the contract. Viewing a case were a contract that goes past its date of delivery plus with very wrong specifications in this case the client has a right to go to court but the manager and the company’s team of members wanted to convince the client to solve the case locally without involving any legal team. In such a case, it is important to note that restating the contract is a suitable solution. By restating, it means that there is imposing of duties to the party that signed the contact but did not act as per the terms of the contract. This means that the party that did not meet its part of the requirements of the contract should take full responsibility for its actions.  The second issue in this case arises from the deadline of the contract in which one of the parties that took part in the contract breached. This is far much an important point in this case as adhering to and strictly observing the time limit for any contract significantly affects the success of the contract signed between the two parties.

The example is of a contract between a software company named Spans Systems and a client company Citizen Schwartz that went sour with the association of one of the contracts dealing with the development of certain software. Both the companies are currently having frequent talks with the aim of reaching an agreement that satisfies both parties and remake the contract if possible. The software company, Span Systems seemed to come to a weaker end during the whole discussion. The software company however, did not want to lose the contract since the Citizen Schwartz Company did have a superior e-CRM order for them. The legal risks involved in this case include the legal rights of the other company to file a case in court considering the number of risks that were involved in the case.

The risks involved include the company’s wrong speculations and the company’s late delivery, the company can end up losing an incredible amount of resources in solving such a case and affects the goodwill of the company in the market once the matter reaches court and hence revealed to the public. The other risk the company faces once take to court is the existence of the company and its revenue collection. Since the major stake of the company is its analysis in cost benefits, the company affected if the matter reaches the law agencies.

Generally, law courts do not forgive any form of breaching of promises in a contract. Therefore, avoiding taking the matter to court will save the company from the risks involved once the mater reaches legal teams.

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