By Helena Haapio
Savvy managers now not examine contracting strategies and files reactively yet use them proactively to arrive their company pursuits and reduce their dangers. To be successful, those managers want a framework and a brief consultant to agreement threat offers this. the root of picking out and coping with agreement chance is what the authors name agreement Literacy: a collection of talents proper for all who care for contracts of their daily enterprise setting, starting from basic managers and CEOs to revenues, procurement and undertaking execs and danger managers. Contracts play an enormous position in company good fortune. Contracts govern businesses' offers and relationships with their providers and clients. They effect destiny rights, money flows, expenditures, profits, and dangers. A company's agreement portfolio will be topic to bigger losses than somebody realizes. nonetheless the best danger in company isn't really taking any hazards. outfitted with the innovations defined during this publication, company and possibility managers can begin to see contracts another way and to exploit them to discover and attain the proper stability for company luck and challenge prevention. What makes this brief consultant from the authors of the acclaimed Proactive legislation for Managers specially worthwhile, if now not exact, is its down-to-earth managerial/legal strategy. utilizing lean contracting, visualization and the instruments brought during this ebook, managers and legal professionals can in achieving legally sound contracts that functionality as managerial instruments for good thought-out, practical hazard allocation in enterprise offers and relationships
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Additional resources for A short guide to contract risk
But mere reading is obviously not enough— contracts need to be understood as well. To succeed in today’s networked business, managers need to be contractually literate. According to dictionary definitions, the word literate has two basic meanings: someone who can read and write and a wellinformed, educated person. Literacy means the condition or quality of being literate or knowledgeable in a particular subject or field (for example, computer literacy, financial literacy, health literacy, media literacy).
In P. Wahlgren and C. ), A Proactive Approach. Scandinavian Studies in Law, Volume 49. Stockholm: Stockholm Institute for Scandinavian Law, pp. pdf, citing Louis M. Brown, whose work has served as the foundational premise for the preventive aspects of the proactive approach. 39 3 A Short Guide to Contract Risk Perceptions, Growing Complexity, and Communication Failures When making a contract, the responsibilities accepted and those entrusted to the other party are accepted and entrusted by choice—at least this is the assumption in most cases.
Brown, known as the “Father of Preventive Law,” once noted that legal claims and disputes usually do not arise because someone violates an agreement or a rule. 1 This is not to say that contract wording or legal issues or rules are not important. They are, especially when disputes are resolved through legal means. Understanding them is a central part of contract literacy, one of the foundations of contract risk management. Yet to understand the true causes of contract risk, we will first need to look into people’s perceptions and choices and how they are (or are not) reflected in contracts.