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We can define a performance-based contract (PBC) and a relational contract easily enough, but do we know how to maximize the benefits these unconventional contracts offer us? And, are the improved supply chains and the new “hybrid” contract leading us into favorable results for 2021? How did this success story begin?

COMMERCIAL PRACTICES BUYER/SELLER TRADING PERFORMANCE BASED CONTRACTS UNCONVENTIONAL CONTRACTS RELATIONSHIPS

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Contract managers who want to take greater control of contracts need a good command of contract language and substance. The first step? Become an informed consumer of contract language, so you understand how to say clearly and concisely whatever you want to say. Next, consider using automated contract review to check, or supplement, your command of contract substance.

artificialintelligence language legalese LAWYER VIEWPOINT CONTRACT REVIEW DRAFTING CONTRACTS

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When culture and Key Performance Indicators (KPIs) drive misconduct in the banking and financial sector, how should we respond? In researching the issue, I discovered that although organizations applaud good corporate governance like transparency and accountability, outcomes are becoming more perverse than honest. Although this article is not intended as an exposé, it does uncover some trends worth eyeing carefully.  Be sure to check-out our new Business Ethics Program at Business Ethics (worldcc.com).

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Liquidated damages are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g. late performance).”

LD ALTERNATIVES REPUTATION RISK LIQUID DAMAGE (LD) INDEMNITIES COLLECTING LIQUID DAMAGES ESTIMATING DAMAGES SUPPLY CRITICALITY ACQUISITIONS

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This post originally appeared on AACSB Insights - January 5, 2021.

In the title of his 2018 landmark article in Harvard Business Review, Sydney Finkelstein of Dartmouth College notes that “the best leaders are great teachers.” He takes this idea one step further, concluding that “if you're not teaching, you’re not really leading.”

technology collaboration leadership curriculum online learning

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Is the recent rhetoric decrying China and Chinese business practices justified or merely an exercise in deflection? In other words, could the differing views between Chinese and North American cultures be based on one’s own blurred vision?  Let’s clean our lenses and take a closer look. Might we be encouraged at what we discover once we get clarity on the reasons behind such differences between the two cultures?

collaboration china respect CONFUCIAN PRINCIPLES BUSINESS CULTURE NORTH AMERICA CULTURAL EDUCATION

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EDITORIAL COMMENT:

This article is different from normal content, but appropriate to the experiences we are going through, a reminder from a leader in our community of the need to be sensitive to the feelings and emotional state of ourselves, our colleagues and those we deal with in customers and suppliers. These are unusual times, and we need to be sensitive ourselves to them.

Tim Cummins President at World Commerce & Contracting

contract management MENTAL HEALTH SURVIVING IN CRISIS

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Supplier risk isn’t just a major issue for Fortune 500 businesses. Organizations of all sizes need to recognize the responsibility for managing all third-party relationships based on a heightened level of interest and concern in recent years. This is especially true in highly-regulated industries like finance, healthcare, and food services, which operate under constant, intense scrutiny and massive regulatory oversight. With fines that can be in the tens of millions, the potential for being audited and penalized due to non-compliance is compelling companies to re-evaluate how supplier information is collected and how contracts are managed.

THIRD PARTY RISK RISK PROTECTION

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This article, which takes a post-pandemic look at third-party risk management, ties to a recently recorded webinar titled How to Quarantine Your Third-Party Risk.1 Our two organizations -- World Commerce and Contracting Association (WC&C) and Determine, a Corcentric Company2-- broadcasted the webinar on April 13, 2020.

procurement collaboration THIRD PARTY RISK PANDEMIC EFFECTS

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Research Analyst Harry Bevan sat down with the ARC’s Vice President and Chief Procurement Officer, Thomas Nash, to find out just how his team managed to ensure the continuous supply of Personal Protective Equipment (PPE). Here’s what surfaced from their interview.

PPE DEMAND PANDEMIC RESPONDERS PERSONAL PROTECTIVE EQUIPMENT PPE SHORTAGE AMERICAN RED CROSS

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