...Recognizing Contract Risk and Opportunities Memo Law 531 Charles Cook January 31, 2011 Recognizing Contract Risk and Opportunities Memo DATE: January 31, 2011 TO: Kevin Grant Harold Smith Leon Ther FROM: Michelle Boldt RE: Banking Software Contract Issues Due to recent negotiations with the binding contract between Span Systems and Citizen-Schwarz AG (C-S), necessary changes have come to light. After thorough discussions between myself , Span Systems legal team, and CS's negotiator, Leon Ther, three major amendments within the contract have been agreed upon. Contract clause breaches Performance While performance has been under par in relationship to C-S's requirements, debate over the additional changes within the product specifications have clouded efforts. Communications and Reporting The change in project management disrupted the flow of work in respect to communication and project expectations. While it was a deficiency on Span's ability to work continuously through the changes, with the weakness identified and addressed, this issue can be corrected and avoided in the future. Requirements Changes In the recent past, C-S presented numerous changes in specifications, time requirements placed additional hardships on the production and design team. Thus, disrupting the agreed upon time frame. Legal principles The majority of clause issues within the contract revolve around a lack of communication. While Span addresses...
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...Recognizing Contract Risk and Opportunities Memo TO: Span Systems Management FROM: Risk Management DATE: May 31, 2011 MEMO: Recognizing Contract Risk and Opportunities Span Systems and Citizen-Schwarz AG (C-S) have been negotiating a one-year contract worth $6 million; however, eight months into the project we are behind schedule on contract deliverables. As we know, these issues can be pinpointed to the detected bugs in the user testing stage as well as system growth since the agreed upon timeline and costs. Although, I appreciate the diligence of the team to meet deadlines, it seems quality may have been the cost. To address these concerns, I will outline the issue affecting the Span Systems and Citizen Schwarz (C-S) contract: Issue : Unable to meet schedule deadlines and deliverables are below quality standards Contract Clause: Tender of Delivery – Transfer or delivery of goods to the buyer of lessee in accordance with a sales or lease contract (Cheeseman, 2010) Prevention: Ensure timely delivery and quality of goods through agreed upon time-lines, checkpoints and audits. Resolution: A collaborative project environment will benefit C-S and Span. This collaborative environment ensures quality and timeliness of deliverables as well as allowing issues and concerns addressed directly. The simulation suggested a C-S project manager to assist in a quality control capacity on the project. In addition, increasing Span programmers to increase productivity and...
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...Recognizing Contract Risks and Opportunities Jennifer Breeden Law/531 Business Law March 6, 2011 Monica Cosentino-Benedict Recognizing Contract Risks and Opportunities MEMO To: Span Systems Management From: Jennifer Breeden Date: March 6, 2011 ------------------------------------------------- Subject: Recognizing Contract Risks and Opportunities The purpose of this memo will be to analyze the recent contract between Span Systems (Span) and Citizen – Schwarz AG Bank (C-S). This contract’s purpose was to have Span build a transaction processing-based software system for C-S and in return C-S would pay $6 million dollars (University of Phoenix, 2002). These two companies come up against many disagreements about the language and meanings of the contract. In the end, Span worked very hard to renegotiate the clauses of the contract to continue a positive working relationship with C-S. This memo reviews the legal risks, liabilities, and opportunities that occurred during this process to make future business with C-S and other companies to come more enjoyable for both sides. Risks and Liabilities A breach of contract is the first accusation C-S made of Span, which starts the list of risks and liabilities. C-S said that the deliverables were below the standards agreed upon and were not delivered on time. C-S claimed that Span was producing deliverables of substantial performance, meaning that they were below standards set up in the contract. Span could have...
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...Recognizing Contract Risk and Opportunities LAW/531 Introduction Contracts are a binding, critical part of any business deal between two or more parties. Because of the binding promise between these parties it is important that the contract is clearly worded, negotiated if-need-be, and reviewed before they are signed by all applicable parties. Cheeseman (2010) stated “A contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty” (Chpt 9, Para 2). The following Memo will identify the legal issues presented in the Contract Creation and Management Simulation as well as identify what a manager may do to avoid theses risks and minimize liabilities. Business Memo -- Confidential TO: Project Leadership Team Span Systems – Kevin Grant, Harold Smith FROM: Mike Myers, Project Manager Span Systems DATE: 03/20/2011 SUBJECT: Contract Risk and Opportunities between Span Systems and Citizen-Schwarz AG CC: Board directors The one-year contract written between Span Systems (Span) and Citizen-Schwarz AG (C-S) to develop banking software has recently met with some serious concern regarding if it can remain intact as it currently stands. Recently Leon Ther: the IT outsourcing director of C-S sent a letter stating that “C-S cannot afford scheduled slips because of its deadlines for the release of transaction software in...
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...Midterm Exam, Mark 6361, Spring, 2009 Name: __________________________________ UH ID: __________________________________ Please write your UH ID# on the scantron as well and blacken the matching circles. Multiple Choice: Each questions worth 2 points. Choose the one alternative that best completes the statement or answers the question. 1. In terms of its effect on the marketing process, undifferentiated marketing: a) increases administrative and production costs b) keeps down advertising and R&D costs pp. 123-4 c) increases the firm’s cost for product modification d) creates more total sales than differentiated marketing e) puts the company at risk of being supplanted by an entirely new technology 2. Nick Grahmann, our speaker from Champion Technologies (slides were posted) made the point that a) a preferred supplier has attained the best position to influence a customer b) repeat buyers are the only customers worth pursuing for a business-to-business company such as his c) the cost of becoming a “trusted advisor” is so great that a company selling to many customers can only afford this role for a small proportion of them. d) a “blue ocean” strategy allows a firm to avoid head-to-head competition e) a technical company such as his needs to spend all it can on R&D before considering spending on marketing 3. Marketers selling to organizations are likely to encounter inelastic demand, we said in...
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...Portfolio In a modern day organization’s behavior, employees and suppliers have as much impact on the organization structure as customers and competitors have had in the past. Organizations are viewed as open systems, continually interacting with their environment and in dynamic state of temporary equilibrium as they adapt to environmental changes. Successful organizations are in constant state of flux in response to their environment, many companies are looking at media technologies as way to market their product and learn about their competitors. This presence could produce a large following depending on the interest in the content created and information shared. The change stemmed from the speed at which information travel in the media arena. In most cases, the information environment outside the organization is changing far more rapidly than the information environment internally. Customers, partners, prospects, and employees can find, access, and share information in a way that corporate infrastructure, security, culture, and policies inhibit. Organizations are having a difficult time responding to or taking advantage of – these new environments. The path of information regarding the organization is no longer just the role of the marketing department. Employees talk to customers, colleagues, and suppliers. They share their experiences, impressions and expectations regarding their jobs, the organization and management. The speed at which the information travels is beyond...
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...• ACFE= Association of Certified Fraud Examiners; conducts comprehensive fraud studies; Report to the Nation on Occupational Fraud & Abuse • Fraud - deception that includes: a representation, about a material point, which is false, and intentionally or recklessly so, which is believed, and acted upon by the victim to the victim’s damage. Fraud is an act of dishonesty with the intention to deceive or cover the truth to gain an advantage. Most critical element: confidence. Fraud can be classified as (in terms of organization): against or on behalf of • Occupational fraud - use of one’s occupation for personnel enrichment through deliberate misuse or misapplication of the employing org’s resources or assets. Categories: Asset misappropriation (steal asset), f.s fraud (manipulate f.s), Corruption scheme (misuse connections). • Employee embezzlement-can be: direct (e.g: asset misappropriation, making dummy company and making employer pay for goods not actually delivered) (from perpetrator to employer); or indirect (corruption, taking bribes from outside) (3rd party involved) • Management fraud- aka financial statement fraud; involves top management’s deceptive manipulation of f.s.; more inclusive • Investment scam-consumer fraud: Ponzi scheme, telemarketing, identity theft, money scam, advance fee scam, letter of credit fraud, etc. • Vendor fraud-overcharge, send inferior goods, charge for goods not shipped; • Customer fraud-not pay, shoplift; • Miscellaneous¬-other ...
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...differing cultural backgrounds, as can the list of tips for working in a culturally diverse workforce. Readers are offered an overview of technologies that connect businesses and aspects of using communication technology effectively are presented. The information presented in Chapter 1 provides a base for all the remaining chapters in the text. trANSparencies for chapter 1 The following transparencies are available in a separate packet: Number Content Transparency 1 Understanding the Communication Process Transparency 2 Communication Ethics Transparency 3 Testing for Communication Ethics Transparency 4 Cultural Differences Transparency 5 Ethical Choices Transparency 6 Level 3: Document Critique (Improved Memo) Chapter outline...
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...Shanti Business School PGDM Batch 2015-17 Semester II Course Outline 1 Shanti Business School, Ahmedabad PGDM 2015-17: Program Structure Semester-1 Semester-2 Semester-3 Semester-4 Course credit Course credit Course credit Language Skills @ Written Analysis & Communication @ Soft skills II @ Employability Skills @ IT & MIS 2 Soft skills I @ Computing skills 2 Social Media Marketing @ 2 Legal Aspects of Business 2 Business Strategy 3 Management Control Systems 3 Micro Economics 3 Macro Economics 3 Business Environment 3 Business Ethics & Corporate Governance 2 Quantitative Methods-1 3 Business Research Methods 3 Quantitative Methods-2 3 Core Elective-1 3 Core Elective1 3 Core Elective-2 3 Core Elective2 3 Elective-1 3 Elective-1 3 Elective-2 3 Elective-2 3 Grand Project-1 3 Grand Project-2 3 Principles of Management Basic Building Blocks Autumn Break Executive Skills Organisational Behavior Human Resources Management 3 Marketing Management 1 3 Marketing Management -2 3 Understanding Financial Statements 3 Financial Mgt 3 Operation Management Management Domain 3 3 Basics of Business Planning 2 Electives Credits Autumn Break credit SUMMER INTERNSHIP Course ...
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...CHAPTER ONE 1.0 INTRODUCTION Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. Project risk management includes the processes concerned with identifying, analyzing, and responding to project risk. It includes maximizing the results of positive events and minimizing the consequences of adverse events. Managing risk therefore, is an integral part of good project management, and fundamental to achieving good business and project outcomes and the effective procurement of goods and services. Risk management provides a structured way of assessing and dealing with future uncertainty. 1.1 PROJECT MANAGEMENT A project can be defined as a series of related jobs usually directed toward some major output and requiring a significant period of time to perform. According to the Project Management Institute, the discipline of project management can be defined as the art of directing and coordinating human and material resources throughout the life of a project by using modern management techniques to achieve pre-determined objectives of scope, cost, time, quality and participation satisfaction. Furthermore, project management is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific projects. 1.2 RESPONSIBILITY OF A PROJECT MANAGER The Project Manager is...
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...a Solutions for Chapter 4 Audit Risk, Business Risk, and Audit Planning Review Questions: 4-1. Business Risk - Those risks that affect the operations and potential outcomes of organizational activities. Engagement Risk - The risk auditors encounter by being associated with a particular client: loss of reputation, inability of the client to pay the auditor, or financial loss because management is not honest and inhibits the audit process. Financial Reporting Risk - Those risks that relate directly to the recording of transactions and the presentation of financial data in an organization’s financial statements; also referred to as the risk of material misstatement. Audit Risk - The risk that the auditor may provide an unqualified opinion on financial statements that are materially misstated. 2. Business risk management is defined as: “Process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” (COSO, 2004) The organization itself bears the responsibility for effective implementation of ERM. It is important for all organizations to implement an effective ERM so that risks are understood and properly controlled by members of the organization, particularly...
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...because if its inability to quickly respond to innovative competitors, such as RIM with Blackberry and Apple with IPhone. Nokia’s rivals are not just in North America, but all around the world. Asian competitors threaten Nokia by taking control on the mass population with low costs. Researcher have said, Nokia has been experiencing “lower-margin, feature phone business in emerging markets from cheaper Chinese handset makers” (Financial Times, 2011).“The once-dominant phone maker was described as needing to jump from a “burning platform” earlier this year by Stephen Elop, chief executive”(Charles, 2012).These factors have been critical in driving Nokia to re-elaborate and re-think its corporate strategy, core capabilities and vision. Recognizing that their strategy needs to be reformulated and successfully implement a good strategy is what’s going to make Nokia increase their market share. On February 2011 Nokia and Microsoft made a strategic partnership to make Windows phone as their smartphone platform (Nokia Microsoft, 2011). Furthermore, the recession has taken a toll on Nokia, because its creating difficulties in shortening the period of mobile replacement by consumers. Due to this economic downturn, customers stay longer with their phones and therefore, are not engaging in the shorter period of continuing mobile replacement. Nokia needs to develop the ability of...
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...WEEK 3 RESEARCH PROJECT (Set #1) ACCT 429 DeVry University IMPORTANT NOTE TO STUDENTS This assignment is being distributed solely for your use in completing the Week 3 project in DeVry University’s online Accounting 429 class. This assignment is an individual assignment, and you are to complete it without any outside assistance by any other student, individual, or outside materials, other than those specifically permitted by the problem. Any violations of these requirements will be addressed as an academic integrity violation. Similarly, this assignment may not be shared with any other student at any time, even after your completion of the course. Students to do so may be subject to sanctions pursuant to DeVry’s academic integrity policy, even though they may no longer be enrolled in Accounting 429. Week 3 Research Project (Set #1) DeVry University Acct 429 Performing tax research is an important part of tax practice. As outlined in Chapter 2 of your textbook, tax law is developed through a number of different governmental entities. Congress enacts the tax Code as statutory law. The Treasury Department is tasked with the implementation of the tax Code and, in the course of doing so, develops a number of documents and materials to aid taxpayers in understanding the Treasury Department's interpretation of the code, including the Regulations. In turn, the Internal Revenue Service ("IRS”) has the direct responsibility for implementing the tax Code and in assessing and collecting...
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...In essence, a transparent and open form of communication addresses the employee’s need to feel that what they have to say has value. This is what makes employees feel that they have a place in the organization. Work then becomes meaningful because the employees know that what they contribute affects the organization that they are affiliated with. It is essential for staff to discuss the organization’s philosophy, mission and values, from time to time to ensure that everyone knows what they’re working for other than their paychecks. Organizations should have open discussions, get people involved, and allow them to share their views on how to achieve company goals. The management side will give their own perspectives on how to fulfill the organization’s mission. This display of two-way open communication will eventually break down the hurdle in hierarchical or bureaucratic organizations. Communication promotes trust in day-to-day interactions between co-workers, as well as between employees and supervisors. Employees becomes more united with the organization’s mission in their mind there is mutual respect among all employees, regardless of their official statuses. There has to be some sort of balance between work and personal life. (Schermerhorn 2012) Reports states that “Fewer Americans are satisfied with all aspects of employment, and no age or income group is immune. In fact the youngest cohort of employees express the highest level of dissatisfaction ever recorded by the survey...
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...CHAPTER LEARNING OBJECTIVES In this chapter, we will address the following questions: 1. What is the business market, and how does it differ from the consumer market? 2. What buying situations do organizational buyers face? 3. Who participates in the business-to-business buying process? 4. How do business buyers make their decisions? 5. How can companies build strong relationships with business customers? 6. How do institutional buyers and government agencies do their buying? CHAPTER SUMMARY 1. Organizational buying is the decision-making process by which formal organizations establish the need for purchased products and services, then identify, evaluate, and choose among alternative brands and suppliers. The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. 2. Compared to consumer markets, business markets generally have fewer and larger buyers, a closer customer supplier relationship, and more geographically concentrated buyers. Demand in the business market is derived from demand in the consumer market and fluctuates with the business cycle. Nonetheless, the total demand for many business goods and services is quite price inelastic. Business marketers need to be aware of the role of professional purchasers and their influencers, the need for multiple sales calls, and the importance of direct purchasing, reciprocity, and leasing. 3. The buying...
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