Discuss the Role of International Contract Essay | Essay

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Discuss the Role of International Contract

Summary: In the face of complex and dynamic nature of international business transaction in today's competitive global business environment, business partners are dependent on detailed written contracts to develop and maintain business relationship across international boundary.
Introduction

As the global market perpetuates itself, business survival hinges on a company's ability to compete globally. To maintain market competitiveness, companies are actively looking beyond their national boundaries to source for components and/or finished goods (Rajagopal & Bernard, 1994) and continuously searching to integrate and streamline business activities with its suppliers to improve supply chain responsiveness (Toni et al, 1994). According to Burt et al (2003), such buyer-supplier collaboration requires the companies to proactively manage its supplier management as well as the contract management that administer the terms of the business relationship with its suppliers.

Business relationships between separate organisations involved some degree of agreement to exchange goods, services or information and such relationship can be stabilized through a contract (Frankel et al, 1996). Skipper (1999) illustrated that a contract is an agreement that defines a relationship between one or more parties and a contract may be in verbal or written form...

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This section contains 3,020 words
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Buy the Student Essay on Discuss the Role of International Contract
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