Business law assignment Essay Example | Topics and Well Written Essays - 1500 words

Business law assignment - Essay Example Because of the easy access to information, masses around the world are getting more aware and becoming more demanding in nature. The rising demands are creating the perfect opportunities for firms and organizations to launch new products and services, which will expectedly fulfill the demands of the masses. With the rising number of alternatives emerging in the markets, the market level competition is rising on a steady basis. Because of the increase in competition, the lifecycle of products and services offered by the firms are getting increasingly reduced. In order to design a competitive edge in a fast moving marketplace, firms and organizations are looking forward to reduce the lead time that is needed to launch the new products and services in the marketplace. It has to be highlighted that for the reduction of lead time, the time to manufacture the products and the services has to be reduced. Organizations in the developing as well as developed markets, in order to reduce the lead time as well as develop efficiency in their manufacturing process, are increasingly outsourcing the manufacturing process to the various manufacturing specialists, who can provide a faster delivery of the products and services at a competitive cost. These outsourcing of operations by organizations to oth er firms and domain specific specialists, are negotiated in the form of contracts. In the world of business, it is important to mention that apart from the outsourcing contracts, organizations around the world often enter into contracts in the form of service level agreements (SLAs), sales contracts, employment contracts as well as general business contracts so as to generate business efficiency and develop mutually beneficial competitive edge in the marketplace. In the process of designing of the contracts, a series of clauses are added so that the contract remains beneficial for both the parties. This particular assignment intends to focus on the