Corporate Compliance Plan Essay

867 words - 3 pages

Riordian Manufacturing is a corporation with plants located in California, Georgia, Michigan and China, and is in known for their plastic designs. This report is to address the information which should be included into the company's handbook, and will address ADR, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business and governance.ADRWith ADR's efficiency and relatively low cost, Riordian will commit to resolving disputes through Alternative Dispute Resolution (ADR). They will utilize two kinds of ADR, arbitration, and mediation. When using the arbitration method a third party person will listen to both sides and will act as a judge. The judge will make a decision which will either be binding or non-binding. Binding means that the decision cannot be appealed in any court. Non binding means that if both parties are not satisfied with the decision the case maybe litigated in court.In using mediations a neutral mediator is selected and approved by both parties. This person will listen to both sides and his goal is to assist the parties in reaching a mutual agreement. His role is not to make a decision for the parties but to assist the interested persons reaching an agreement. Mediation is not binding unless the parties agree to be bound by the decision before the mediation takes place.Enterprise LiabilityEnterprise liability states that any individual that works for Riordian can be held liable for their individual actions and this includes partners and subcontractors. The main purpose for this legal principle is to provide Riordian's customers with the assurance that the same standards are being upheld globally and that they will be covered by loss insurance. An interesting side effect of this principle is the effect it has on pricing of their product. If Riordian incurs too many lawsuits, their insurance company will inevitably raise the cost for coverage. This increase in coverage cost could mean Riordian will have to past the cost on to their customers, who in turn may look to other suppliers for more affordable prices.Product LiabilityProduct Liability is the field most litigated in tort liability. This means that more measures need to be taken in order to minimize legal expenses related to product liability. In 2002 the average for a product liability was $520,000 (Jennings). With this being known Riordian vows to reduce liability through conducting regular inspections of all its products which are performed by our expert engineers. If any defects should be detected after the product as been introduced to the public Riordian guarantee's that the product will be recalled with a full refund or exchanged for a non recalled product, or upgraded.International LawSince the...

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