New PDF release: A short guide to contract risk
By Helena Haapio
Savvy managers not examine contracting approaches and files reactively yet use them proactively to arrive their company objectives and reduce their hazards. To prevail, those managers desire a framework and a brief advisor to agreement hazard offers this. the basis of picking out and dealing with agreement danger is what the authors name agreement Literacy: a suite of abilities appropriate for all who care for contracts of their daily company surroundings, starting from basic managers and CEOs to revenues, procurement and undertaking execs and chance managers. Contracts play a big function in enterprise good fortune. Contracts govern businesses' bargains and relationships with their providers and consumers. They impression destiny rights, money flows, bills, gains, and hazards. A company's agreement portfolio will be topic to larger losses than somebody realizes. nonetheless the best hazard in enterprise isn't taking any hazards. built with the thoughts defined during this booklet, enterprise and probability managers can begin to see contracts another way and to take advantage of them to discover and attain the perfect stability for company luck and challenge prevention. What makes this brief consultant from the authors of the acclaimed Proactive legislation for Managers in particular helpful, if now not particular, is its down-to-earth managerial/legal method. utilizing lean contracting, visualization and the instruments brought during this ebook, managers and attorneys can in achieving legally sound contracts that functionality as managerial instruments for good thought-out, real looking hazard allocation in company bargains and relationships
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Extra info for A short guide to contract risk
The required coordination, communication and control can be provided by contracts. When used as managerial tools, contracts can help to coordinate and manage business, projects, and commitments; to create, allocate and protect value, whether tangible or intangible (such as intellectual property rights); to communicate crucial information inside and between organizations; to motivate; and to allocate decision and control rights. Contracts also enable companies to share, minimize and manage risk; to prevent problems; and to keep problems from developing into disputes.
To succeed in today’s networked business, managers need to be contractually literate. According to dictionary definitions, the word literate has two basic meanings: someone who can read and write and a wellinformed, educated person. Literacy means the condition or quality of being literate or knowledgeable in a particular subject or field (for example, computer literacy, financial literacy, health literacy, media literacy). Contract literacy goes beyond having contracts or legal experts available when an issue arises.
It also means relying on the other party to do (or refrain from doing) something, which in itself can give rise to many kinds of risk. This is a special concern when dealing with a supply chain, where one’s own performance is dependent on the performance of others up and down the chain. According to the ISO Risk Management Vocabulary (ISO Guide 73:2009), a risk source is an element that alone or in combination has the intrinsic potential to give rise to risk. Contracts themselves can be seen as sources of risk, but also as risk management tools.