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Legal Risk And Opportunity Essay

809 words - 4 pages

Recognize Contract Risk and Opportunity
Erica D. Thomas
LAW/531

June 7, 2010
Craige Harrison

Recognize Contract Risk and Opportunity

Contracts, no matter how large or complex, are promises negotiated between parties and should be written to ensure business agreements are fulfilled by both parties. Clarity of purpose is the hallmark of successful contracts because contracts are never free of interpretation (University of Phoenix, 2010) and poorly written contracts can ultimately result in breach of said contracts. In today’s market, businesses need ways to ensure that contract risk and liabilities are minimized and remedies to these risks are maximized and beneficial to all ...view middle of the document...

Our ultimate goal is to revisit contract as it presently is and come to some agreeable terms that both parties can live with and move forward with the same ideas and goals in mind beneficial to all parties involved.

Case Simulation: Contract Ambiguity
In the case simulation, the companies came to agreement with unclear points and using ambiguous words terms that regularly come back to trouble the contracting parties. To avoid ambiguity is important that contract representatives from both parties and legal personnel members strictly review and modify contract as a result no ambiguous language remains in the contract.
Recently, Citizen-Schwarz (C-S) and Span Systems are experiencing a dispute because of the quality and schedule of the deliverables. Leon Ther, C-S negotiator is threatening to transfer all the unfinished codes and the rescission of the contract if some kind of resolved is met between the two parties. C-S and Span Systems have diligently been working along with their attorneys negotiating to modify the contract to satisfy both parties. Span Systems did not want to lose this contract because C-S has a bigger e-CRM order in the works that will be an excellent endeavor for the company as a whole. This memo will discuss the issues that arose between the two parties as well as risks and how to avoid these liabilities in future business endeavors.
The problems C-S were having with Span Systems according to Leon Ther, deliverables...

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