Corporate Compliance Plan Essay

1103 words - 4 pages

Corporate Compliance Plan PAGE 1
Corporate Compliance PlanIntroductionRiordan Manufacturing is a plastic injection-molding corporation that creates innovative plastic designs, and has four facilities located in California, Georgia, Michigan, and China. With the state-of-the-art technology, Riordan is capable of producing and manufacturing plastic bottles, fans, heart valves, medical stents, and custom plastic parts. In the following paragraphs, I will focus my plan on managing the legal liability of officers and directors of Riordan and address ADR, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business, and governance.Alternative Dispute Resolution (ADR)Riordan will commit to resolving disputes with other organizations or individuals through Alternative Dispute Resolutions due to the efficiency and relatively low cost of the procedures. The two methods of ADR they will utilize are mediation and arbitration. When using mediations, a neutral mediator is chosen and approved by both parties. The mediator will then listen to both sides with the objective to assist both parties in reaching a mutual agreement. However, he/she is unable to make a decision for each of the parties and must only assist them in reaching an agreement. On the other hand, if the organization uses the arbitration method, a third party will listen to both sides, act as a judge and make a decision, which will either be binding or non-binding. Binding means that the decision between both parties cannot be appealed in any court. Non-binding means that if both parties do agree with the decision of the arbitrator the case maybe litigated in court. Therefore, in the mediation method, it is not considered binding unless the parties agree to be bound by the decision before the mediation occurs.Enterprise LiabilityEnterprise liability means that any employee who works for Riordan or is affiliated with the organization will be held liable for his/her individual actions, and the liability would also include subcontractors as well as partners. The main intention of the legal principle is to provide the customers of Riordan the certainty that the same standards are being applied globally and that they will be covered for any loss of products. If Riordan brings upon numerous lawsuits, the organization's insurance company will raise the cost for coverage. The increase in coverage cost can affect the pricing of the products, and therefore, lead the customers to research for other affordable manufacturers or suppliers on plastic designs.Product LiabilityRiordan's engineers are committed to conduct regular inspections of the products being manufactured within the company to reduce product liability. Because product liability is one of the fields that is most litigated in tort liability, Riordan will take more measures to minimize legal expenses related to product liability. According to Jennings, the average cost for product...

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