Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Risk Minimization
Contract, international law, and business law for WorldWide
Before entering into any legal agreement, it is essential to have our legal staff carefully review the provisions of the contract. The contract must be both legal and enforceable. Both state and, in the case of interstate commerce, federal law, should be reviewed to ensure that the agreement does not run afoul of existing regulations (Meiners, Ringleb, & Edwards 2015: 90-91). It is also important to consider the likely trajectory of future regulation. The legalities pertaining to the economic environment is always changing, especially in the volatile world of healthcare and technology. In the case of many business deals, clauses are specifically inserted to ensure that one party does not bear the brunt of excessive unexpected damages. "Within a contract, risk transfer is primarily accomplished through a combination of indemnification/hold harmless, limitation of liability, and waiver of subrogation clauses" ("Basic guidelines" 2015). Indemnity shifts the risk or responsibility to the other party "for losses or damages (physical injury or monetary) caused by that other party," liability limitation limits amounts of damages one or both parties can recover and in a waiver of subrogation one party prevents one party's insurer...
WorldWide, Inc., as it is a biotechnology company, must be particularly cognizant of the need to ensure that the responsibility of both parties are specifically delineated in a contract: if, for example, there is a problem with a drug that is not our organization's fault but is due to the actions of a third-party vendor or a subcontractor, WorldWide must protect itself against any negative financial fallout this might cause.
The world is also more interconnected ever before in terms of the global nature of modern commerce. Although it may behoove our organization to engage in international agreements to save costs and foster positive relationships abroad, there is also a greater risk (and expense) involved because of the necessary precautions to take when dealing with the legal questions which may arise between entities in different countries. Entering into joint ventures with local enterprises can be an effective risk mitigation effort, as the locally-based entity will have greater familiarity with the surrounding environment (Meiners, Ringleb, & Edwards 2015: 671). But joint ventures and franchising may mitigate the risk of falling afoul of cultural misunderstandings. It is important to remember that regardless of what…
References
Basic guidelines for contracts and contract risk management. (2015). Harvard University.
Retrieved from:
http://rmas.fad.harvard.edu/basic-guidelines-contracts-and-contract-risk-management
Danzon, P. (2006). NBER Reporter: Research Summary. Retrieved from:
http://www.nber.org/reporter/fall06/danzon.html
World-Wide Concepts, Inc. (World-Wide): Risk avoidance Because World-Wide Concepts, Inc. is an internationally-based company with operations in a wide variety of sectors spanning across the developing as well as the developed world, it must proceed with caution when entering into business agreements. Business law, customs, and ethics can be extremely varied internationally and particularly in China, Russia, and India (where World-Wide has based some of its most critical operations), there must
Astra Zeneca Project Proposal to Streamline Operational Processes The pharmaceutical industry in general is undergoing extreme amounts of external pressures. Not only has the economic environment since the global recession been less than ideal, but there are increasing regulatory pressures and healthcare reforms that are also expected to dramatically change the environment in which AstraZeneca operates. It is in this environment that the organization must streamline its operations so that it can
Pharmacy Information Security Information Security in Pharmacies Information security is vital in many firms especially pharmacies and other sensitive fields. Security officers are, therefore, necessary to ensure both physical and logical safety. The Information Security Officer/Manager (ISO) will have different duties such as managing the information security functions in according to the firm's established guidelines and provisions/policies, providing reports to the firm's management at reasonable intervals, establishing and ensuring implementation of information
Innovations in product are not transmitted throughout the organization. This means that there are production synergies between the different Coloplast facilities that are not presently exploited. The company can mitigate the impact of health care reform therefore by improving its product processes. Their industry is beginning to shift from cash cow status to one characterized by tight margins and high volumes. Coloplast must become a low-cost producer, to use Michael
Integration of Anti-Counterfeit Technology in the Pharmaceutical Supply Chain Organisational Background Rationale for Strategic Action Plan Strategic Aims and Objectives Levers and Obstacles Analysis of Internal Capabilities -- Strengths and Weaknesses Trends and External Forces -- Opportunities and Threats Stakeholder Influence Strategic Action Plan Key Actions, Actors, and Responsibilities Timeline and Milestones Cost Analysis Risk and Barriers Mechanisms to Track Progress Organizational Background The organization, Cure Pharmaceutical (Cure), operates in the pharmaceutical industry's drug delivery technology segment. Cure is considered a small pharmaceutical company with
Utilitarian Ethics Business Ethics 3825 Case of the Sole Remaining Supplier Relevant stakeholders Internal stakeholders External stakeholders Utilitarian ethics: Action plan Desired aims Specific Actions Raising the quality control standards Develop elaborate Standard installation and operation procedures (SIOP) Right of revoking supply contract unilaterally in case of non-compliance to SIOP Optimal good achieved Case of the Sole Remaining Supplier The case of 'sole remaining supplier' is regarding a firm that manufactures heart pacemakers. The pacemaker is a modern device that is used by the