Thursday, January 9, 2020

Contract Management - 1251 Words

Contract Risk and Opportunities Richard S. Stainback Jr. LAW/531 June 27, 2011 Ben Waggoner Contract Risk and Opportunities Clarity of contract is an essential element to creating a workable and executable agreement. C-S and Span entered into a business contract that was ambiguous from the start. It used words like â€Å"ordinary† in terms of production. Terms like this are often up to interpretation and can be the failing point of an agreement. Legal Issues Present Breach of Contract under â€Å"Internal Escalation Procedure for Dispute†- C-S has failed to follow the agreed upon dispute resolution process in regards to the delays and quality concerns. C-S has tentatively threatened to terminate the contract in light of product delays†¦show more content†¦Management Responsibility (Span) – Span should revisit internal processes to see if there is a process that is slowing delivery of products to C-S. After the internal audit of processes the project management team should reach out to C-S and ask the same be done to ensure there are not any procedural delays present. Management Responsibility (C-S) – They should also internally audit there processes in regards to this project to ensure that the new management is onboard and understands the particulars of their responsibility to this project. Breach of Contract under substantial performance of contract- This measure allows for neither party to rescind the contract past 50% completion. While at the 60% point in the contract, Span has only delivered on 40% of its responsibility to C-S. It is understood that the delays are caused in part by both companies. This point is not a valid defense for Span and should be avoided in communication with C-S. Management Responsibility (Span) – Span needs to assign more manpower to this project to keep with the timeline. Management Responsibility (C-S) – C-S needs to express the concerns more effectively to Span and accept some responsibility due to the amount of changes requested. Dispute Resolution Methods Arbitration and Mediation- This method could be used by Span and C-S to resolve the contract dispute. It is less costly than traditional litigation. However this method does notShow MoreRelatedContract Creation and Management1199 Words   |  5 PagesContract Creation and Manage Law 531 Contract Creation and Management After completion of the Contract Creation and Management simulation the following legal issues were noted. There were problems with this contract from the beginning because the specifics of the contract were ambiguous from the start. 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