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Business Contract Essay

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Below is an essay on "Business Contract" from Anti Essays, your source for research papers, essays, and term paper examples.

A business contract is a legal agreement between two parties for exchange of services.   It is an agreement that is enforceable by a court of law or equity (Cheeseman, 2009).   A solid contract will avoid disputes and prevent potential litigation because there are provisions such a clauses and stipulations that must be carried out by both parties.   In most contracts, there are risks, therefore, businesses should evaluate for various risks such as schedule, performance and price.   Many business disputes involve contract and this case presented in our simulation is of a contract between Span Systems, a Software developer and Citizen-Swartz AF (C-S) a large German Bank.
  A one year contract worth $6 million dollars was signed between the two parties.     The contract has not been going well for both parties.   One problem that arises in the contract between the two parties is schedule that involves Span deliveries in the last couple of months.   Span has been behind schedule.     Another issue is performance.   The quality of deliverables were unacceptable by C-S and major bugs have been found in the in the testing stage.   The problem of pricing arises in the contract when SPAN expressed that the changes in the contract were not ordinary, which leads to higher cost of the project. This is the beginning of a dispute in contract between the two companies.   Span, however, wants to preserve the relationship   with C-S and decides to review the contract look over the clauses that were negotiated in the contract and try to re-negotiate.
    Both parties have presented problems that arise in the contract.   CS is displeased with the work of Span and wishes to assert a rescission of the contract.   C-S has a deadline release of the software to the market and delays will be very costly.     Span has been late with the deliverables and the quality has been unacceptable.   Therefore, C-S wants all the unfinished codes and called for a rescission of the contract.   Rescission...

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