...LAW/531 Recognizing Contract Risk and Opportunities A contract has been written, negotiated, and agreed upon by Spam Systems and Citizen Schwarz AG for the delivery and implementation of a banking software program. Span Systems (SS) is a highly reputable software company and Citizen Schwarz AG (C-S) is a large German bank. Harold Anteau is the project manager for Span Systems. He is backed by the Director Kevin Grant, and the company attorney Harold Smith. Leon Ther is the chief negotiator for C-S, and he is assigned to oversee the project for C-S. Eight months into the contract problems arise between the two companies pertaining to the terms of the contract. Leon Ther threatens to rescind the contract because of poor quality and not meeting agreed upon timelines. Harold Anteau and Harold Smith review the contract to determine SS’s standing. Three legal issues arise under the contract clause of breach of contract. They are substantial performance of contract, requirements change, and communications and reporting. Breach of contract is a common defense raised to elicit negotiations (Cheeseman, 2010). It is only effective against an ordinary holder of the contract (Cheeseman, 2010). Under the Uniform Commercial Code (UCC) [UCC 2-301], tender of delivery is the most basic obligation. It requires the seller to transfer or deliver goods to the buyer in accordance to the terms of the contract (Cheeseman, 2010). Leon Ther is right when he states the product...
Words: 1173 - Pages: 5
...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...
Words: 1467 - Pages: 6
...Recognizing Contract Risk and Opportunities Memo Cliff Brown Business Law 531 April 6, 2011, 2011 Chris Phan Memo To: Span Systems Management From: Manager Date: April 06, 2010 Subject: Recognizing Contract Risk and Opportunities Management Team: There is grave concern with respect to the contract between Span Systems and Citizen-Schwarz and its ability to remain unharmed. The organization has made the decision to guarantee that this project gets done promptly and with first-rate quality of the outcome to enable Span’s opportunity of getting C-S’s e-CRM order. The accomplishment of acquiring the next contract with C-S is relies heavily on the current project’s status. The company is committed to getting this project finished affably between each party. The performance within the contract is one of the issues within the project. C-S’s position is we are late on schedule and our product deliverable is not the best of in quality as forecasted by C-S. The language of the contract maintains that C-S may not repeal the contract if greater than 50% of the project schedule has passed; however, C-S is demonstrating that the performance within this period has indicated the quality of product deliverables is inadequate and consequently it is within their rights to assert that we have not significantly executed. The project management team at Span will argue against this claim due to the amplified change of end user obligations. To rectify this, we have...
Words: 414 - Pages: 2
...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...
Words: 577 - Pages: 3
... LAW-531-Week-2-Assignment-Business-Regulation-Simulation-VERSION-2 LAW-531-Week-2-Assignment-Recognizing-and-Minimizing-Tort-and-Regulatory-Risk LAW-531-Week-2-DQs LAW-531-Week-3-Assignment-Recognizing-Contract-Risk-and-Opportunities LAW-531-Week-3-DQs LAW-531-Week-4-Assignment-Legal-Risk-and-Opportunity-in-Employment LAW-531-Week-4-DQs LAW-531-Week-5-DQs LAW-531-Week-5-Risk-Arising-in-Tangible-Property-and-Intellectual-Property LAW-531-Week-6-Assignment-Corporate-Compliance-Plan LAW-531-Week-6-DQs Activity mode aims to provide quality study notes and tutorials to the students of LAW 531 ENTIRE COURSE in order to ace their studies. LAW 531 ENTIRE COURSE To purchase this visit here: http://www.activitymode.com/product/law-531-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM LAW 531 ENTIRE COURSE LAW-531 Final Exam Three Sets LAW-531-Week-1-Assignment-ADR-Clause-for-Learning-Team-Charter LAW-531-Week-1-DQs LAW-531-Week-2-Assignment-Business-Regulation-Simulation-VERSION-1 LAW-531-Week-2-Assignment-Business-Regulation-Simulation-VERSION-2 LAW-531-Week-2-Assignment-Recognizing-and-Minimizing-Tort-and-Regulatory-Risk LAW-531-Week-2-DQs LAW-531-Week-3-Assignment-Recognizing-Contract-Risk-and-Opportunities LAW-531-Week-3-DQs LAW-531-Week-4-Assignment-Legal-Risk-and-Opportunity-in-Employment LAW-531-Week-4-DQs LAW-531-Week-5-DQs LAW-531-Week-5-Risk-Arising-in-Tangible-Property-and-Intellectual-Property LAW-531-Week-6-Assignment-Corporate-Compliance-Plan ...
Words: 517 - Pages: 3
...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...
Words: 277 - Pages: 2
...As the prevalence of social media continues to rise, businesses are recognizing ways in which social media can direct customers to make better decisions for purchasing items. As a result, businesses are now jumping on the social media bandwagon at a rapid pace, embracing social networks to achieve their marketing and business goals. Instagram is a major social media outlet that many business owners and small businesses use to promote the sale of their items and/or products. First and foremost social media is everyone’s go to for information or when they are looking for certain things. It is easier and way more covienient for most Americans, especially the ones that have families and do not have the opportunity to get out and go shop often. Instagram is the most liked social media, I think today. A lot of people who had only a dollar and a dream in starting a business have now prospered and are making thousands through social media. Take for instance the virgin hair industry, many business owners have built their customers and professional relationships through the social network and keeping communication through email. Social media is a good way for business owners/entrepreneurs to launch their business and promote the products they sale. This helps small business or business owners increase their customer loyalty as a dialogue is created. It can also help solidify and strengthen the company’s efforts at distinctively branding its products in the public eye. Instagram...
Words: 838 - Pages: 4
...with satisfaction of performance obligations. There should be persuasive evidence to show the existence of an agreement. Delivery of goods should have been occurred and services should have been rendered for revenue recognition. Sufficient evidence should support for the proposal to result in revenue being recognized over time. Also, there is chance that revenue could be recognized without the entity being reasonably assured to have a right to consideration. As is explained below, we have some disagreements. For 35(a), customer controls asset as it is created or enhanced. We partially agree with the concept of recognizing revenue over time when the entity creates or enhances an assets that the customer controls is consistent with the principle of recognizing revenue with transfer of goods and services. It follows the core principle in paragraph 31. However, this assumption may be problematic, controls may not be transferred over time but at a point in time. Hence, the proposal could hardly be applied to the situation where a customer has obtained control of goods in advance of the entity satisfying the performance obligation. In some cases, they fall into the performance obligation satisfied at a point in time rather than over time. Customers could recognize an asset in various bases, so it may or may not reflect a ...
Words: 3929 - Pages: 16
...Ethical Issues Simulation Analysis Businesses must ensure legal protection from other foreign country companies from adverse actions. There is high risk in international business transactions and CadMex need to protect against them. Steps to protect the business legally is crucial when selecting the choice-of-law, and selecting clause in the simulation. Establishing terms in a contract is important factor in a business partnership between foreign countries to protect interests for each party. After completing the first section of the simulation identifying the choose-of-law in the United States regarding specific contracts is Contract of International Sale of Goods (CISG) for domestic business transactions that cover marketing ProPez. CISG laws cover the use of technology in this case with Gentura; however, does not cover licensing or patents. International Arbitration non-binding contract provides variety of dispute resolution organizations to resolve contract disputes may take a year instead of awaiting court availability in this case, it is less expensive, and recognize contract internationally. This option safeguards CadMex’s interest with certain contingencies under contract law applicable in this case. After Candore gained World Trade Organization (WTO) the best choice remains CISG fits terms in the contract cover marketing ProPez and technical training, but does not cover patents and licensing. In March 2007 an unidentifiable viral epidemic occurred in...
Words: 641 - Pages: 3
...ERM 7-Step Process ERM 7-Step Process According to Harb, Enterprise Risk Management is people, systems and processes working together across the organizations to systematically think about and manage a wide range of risks that could impede achieving organizational objectives/opportunities. In this paper we will discuss the potential tort risk that arose as a result of Non-Linear Pro leasing unsatisfactory equipment to Quick Takes, and how to effectively apply the 7-Step Enterprise Risk Management process in evaluating the violation that was imposed upon Quick Takes by Non-Linear Pro, when they failed to supply equipment that performed as advertised it to perform. In the Product Liability Video, Non-Linear Pro leased hardware to Quick Takes. The equipment was leased to Quick Takes with the understanding that it would speed up editing time. Quick Takes soon discovered that the equipment did not have enough memory to get the job done, which caused their competent editors to work tirelessly for two weeks with little results. From the video we gather that Non Linear Pro has committed several tort violations in the dealings with Quick Takes such as: 1. Misrepresenting the quality of the product. 2. Express Warranties – Non Linear Pro made the express warranty as to the way a product would perform, guaranteeing the product would in fact perform that way. 3. Breach of Contract – Product did not perform the way it is intended to. 4. Damages: Benefit of the Bargain- Employees...
Words: 1439 - Pages: 6
...A337/A523 Accounting Information Systems Midterm Study General There will be two narratives, one for context/physical DFD, one for the flowchart. It is important for your DFDs to be consistent with each other. (See the Documentation Exercises for worked examples) DFD The physical DFD should be annotated with flow labels. At this point, you are expected to know the 4 DFD symbols and how to apply them. Flow Chart This will be a shorter narrative and/or partially completed one I will also provide a list of flowchart symbols. SUA/Transaction Cycles / Chapter 5 A handful multiple choice questions related to documents and activities in each of the three transaction cycles (similar to SUA #1). Internal Controls and Computer Crime (Chapters 13, 14, & 15) Know what internal controls are and be able to give examples * Definition * Policies, plans, and procedures * Implemented to protect a firms assets * People Involved * Board of directors * Management * Other key personnel * Provides reasonable assurance * Effectiveness and efficiency of operations * Reliability of financial reporting * Protection of Assets * Compliance with applicable laws and regulations * Important Guidance * Statement on Auditing Standard No. 94 * Sarbanes-Oxley Act of 2002 Understand the reasons humans make mistakes * Errors may be the result of many factors * Distractions – Concurrent...
Words: 2067 - Pages: 9
...other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Course Description This course prepares students to evaluate the legal risks associated with business activity. Students create proposals to manage an organization’s legal exposure. Other topics include the legal system, alternative dispute resolution, enterprise liability, product liability, international law, business risks, intellectual property, legal forms of business, and governance. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies:...
Words: 2508 - Pages: 11
...develop systems that monitor and manage the complex risks experienced in today’s energy markets. Yet when it comes to developing its human capital, arguably the more crucial component dealing with these same complex risks, the commitment is all too often diffuse or misdirected. This situation follows on from some misperceptions about who benefits from training and what type and level of materials match the needs of various candidates. One misguided view is: “hire expert dealers and everyone else will learn from them”. Undoubtedly a great deal of useful knowledge can be acquired by working around veteran traders and other experienced professionals. The trouble with this learning approach is in the major gaps it leaves in the employee’s knowledge base. The real concern is that, more often than not, the employees and even their supervisors can remain unaware of these deficiencies. A substantial risk to an enterprise follows from this: People don’t know what they don’t know! It is also the biggest challenge in identifying an organization’s specific needs for energy risk training. It applies to both individuals and collective groups; to both new hires and seasoned veterans. It is what they don’t know that can really hurt an enterprise. A Lot to Learn Repeatedly over the last decade Paradigm instructors have seen professionals, self-described at the beginning of class as “reasonably knowledgeable” in risk and derivative concepts, admitting by class-end...
Words: 1591 - Pages: 7
...Global Financial Management FIN630 AIU Abstract This paper will have a comparative advantage of Vernon's product life-cycle theory of FDI. It will discuss green field investments over cross-border acquisitions and political risk of capital budgeting process of foreign investment projects. It will also discuss forward versus backward internalization and currency exchange risk into the capital budgeting process of foreign investment. Global Financial Management Vernon’s Product Life-Cycle Theory Raymond Vernon proposed his Product Life Cycle (PLC) theory in the mid 1960’s, based on product development and international trend observations of the US role at the time. The PLC theory stated that new products would first be developed and introduced in the US. Advanced markets, such as Europe and Japan, had their demand grow which caused the US to export the new product until the demand levels in the foreign country required the production in the advanced markets. Cost factors become significant as the product reached a maturity phase in the life cycle which warrants the production at the most efficient location. That results in advanced markets exporting the product back to the US. The product is produced in plants located in developing countries because these countries hold a relatively low cost production advantage, as competition further increased in the global market place. The product would once again be exported back to the US (Hill, 2009). Firms will commence...
Words: 1060 - Pages: 5
...Growth Morgan Cameron MGT450 Uchenna Nwabueze 12/21/2015 In order for any organization to have the opportunity for growth, a strong strategic business plan must be put into place. There are certain things that one must understand thoroughly in order to put a strategic plan together that will ultimately be effective. Some of these key factors that must be understood is the current position in the market, how to put together a SWOT analysis which identifies the strengths, weaknesses, opportunities, and threats of the organization, and finally a method to measure the success of the strategic plan needs to be put into place. This essay will address each of those issues in order to put together a strategic plan for growth of the defense contractor known as Northrop Grumman. Northrop Incorporated was founded in 1939 by John K. Northrop, and within its first year of business they produced their first aircraft, the N-3PB patrol bomber for the Norwegian air force. Over the years the company would produce multiple state of the art military aircraft. In 1989 they designed, developed, and produced the world famous B-2 stealth bomber, which they received a honor from the United States Air Force for in 1991. In 1994 Northrop Incorporated purchased the Grumman Corporation and officially changed their name to Northrop Grumman. Just earlier this year Northrop Grumman won the contract to build Americas next stealth bomber, the B-3 bomber (northropgrumman.com, 2015). Northrop Grumman’s direct...
Words: 2339 - Pages: 10
