Corporate Compliance Plan For Riordan Manufacturing

2458 words - 10 pages

Risk/Opportunity Memo PAGE \* MERGEFORMAT 10
Corporate Compliance PlanFor Riordan ManufacturingDenise TucciLAW531 -Business LawJuly 27, 2009University of PhoenixAbstractIncluded in this plan are the ways to effectively and simply reduce and avoid risks of liability and legal actions from exploding into a large lawsuits. Using these simple steps to avoid negative events from erupting into a large issue, can help reduce time and money for any company. Having the ability to capitalize on a risk or an event and then turning it into an opportunity can be a great asset to Riordan Manufacturing.Corporate Compliance Plan For Riordan ManufacturingOverviewAfter reviewing various departments, processes and documentation about Riordan Manufacturing, some improvements and changes might need consideration by the officers and directors of Riordan Manufacturing and Riordan Industries as a whole. Following are specific issues that could evolve into much bigger problems if the company doesn't supervise and oversee the activites involved.ADRWhen the officers and directors meet to discuss possible changes needed, they need to follow all bylaws and agreed upon proceedures as written during the creation of the corporation. If there is a disagreement or impass causing an issue from being resolved, then an alternative dispute resolution (ADR) should be in place to avoid spending time and money. An ADR should be included in any contracts with Riordan's clients, vendors and investors. This clause can help avoid going to court to settle a lawsuit. This could save the company thousands in legal fees. Below is a sample clause that could be amended for other agreements:The parties agree to attempt, in good faith, to resolve any dispute arising from or relating to the terms of Riordan Manufacturing; and/or any specific projects in process currently and in the future.. Parties will promptly, within 3 days of dispute, contact other affected officers or directors directly, verbally or in writing, to negociate a resolution of the dispute. If one or both parties fail to participate in these negociation or are unable to resolve their differences as a result of negociating over a period of 2 days, then all parties agree to resolve the dispute through the mediation process. The mediation process will last no longer than 3 days (total dispute process, including negociations/mediation will not last longer than 7 days). The parties can initate the mediation process by contacting in writing officers, directors, and all affected members of company within 24 hours of failed negociation process. All members agree and appoint (insert name) to act as mediator. (insert name) has agreed to act as mediator, as of the date of this charter, for any mediation proceedings associated with Riordan Manufacturing. Any fees and /or costs associated with mediation resolution proceedings shall be shared by both parties equally. Mediator, after hearing all sides of the dispute, will determine a resolution...

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