Last week, one of my blogs included observations on the way that attitudes to contracts are changing. In response, drafting guru Ken Adams challenged my suggestion that these shifting attitudes will lead to fundamental changes in contract design. I think his implication is that change, to the extent it happens, will not significantly impact contract structure, but will simply move from undisciplined pedantry to an alternative and more rigid style of authoring, based on his style guides.
How much would your business be worth if it had no contracts? How confident would you be about your trading partners meeting their commitments if they were not documented? The purposes of a contract are largely to secure economic value and to operate as an instrument of business management and control. Research data shows that in many cases, the contracts we produce and the way they are managed are not 'fit for purpose'. The result is substantial value erosion.
The Consumer Financial Protection Bureau released a study last week regarding the financial industry's use of pre-dispute arbitration agreements. While the CFPB has yet to comment on how it will proceed in response to the study, given the most recent study's markedly negative evaluation of arbitration agreements, it appears likely that new limitations on pre-dispute arbitration clauses in financial service and product agreements are forthcoming.
'We must think about contracts as the foundation for business operations', observed Steve Harmon, Deputy General Counsel at Cisco. 'We've reached the end for strategic ambiguity in contracts - there is a need for far more clarity'.
IACCM and other standards developing organizations participated in a Capital Hill event and opened opportunities for policy discussions and collaboration. The event had nearly 150 attendees including congressional staff members, representatives, and other stakeholders and featured four panels highlighting leading issues affecting the global supply chain.
Article 2 of the Uniform Commercial Code (UCC) states the written terms of a contract can override the opposing party's differing understanding under the right circumstances.
Procurement, legal compliance, accounting, marketing ... These are all necessary activities within a business. The problem comes when those activities become enshrined within rigid policies and practices which are not well aligned and then undermine business goals and performance.
You don't have to search far to discover all that is being written about increased complexity in today's business world. At the top of the list come issues such as managing interconnections and interdependencies - many of which cross traditional boundaries of language, culture and commercial norms. Networked technologies and social media mean that we cannot any longer ignore diverse stakeholder opinions. Old assumptions that power will prevail are no longer true - so is empathy the new source of strength?
Social media has changed the game in how professional opportunities are publicized and filled. Join this webinar and learn to master the methods for identifying potential opportunities and getting noticed. Our guest expert will share insights on: New ways to showcase yourself through visual content: - 5 steps to a better personal brand - Get noticed on Social Networking sites - Looking beyond the major jobs boards
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