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About this document
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- 3 pages
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- Law, Risk Management
This research paper examines a case study of a software contract dispute between Quick Takes Video and NonLinear Pro. It discusses the legal and risk management implications of the situation, and how effective communication, policies, and training could have prevented the issues. It is useful for students studying enterprise risk management and contract law.
What's inside
- Software contract dispute case study
- Tort risks and violations
- Management commitment and communication
- Policies and procedures
- Training and education
- Risk management framework
Who it is for: Students studying enterprise risk management and contract law. (Postgraduate)
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Summary
Enterprise risk management is about how businesses handle uncertain events. It looks at a case study of a software contract dispute to show how risk management can be applied in practice.
The dispute between companies
Quick Takes Video wanted to update its editing software. It contacted NonLinear Pro. A verbal agreement was made, but there was a disagreement about the contract terms. NonLinear Pro sent a written contract that Quick Takes Video did not agree to.
Tort risks and violations
NonLinear Pro misrepresented the software's capabilities and the ease of use. This was a breach of warranty. NonLinear Pro also tried to change the terms of the verbal contract. Quick Takes Video returned the materials because they did not meet the promised standards.
Management commitment to risk management
NonLinear Pro's policies and procedures were not clear or easy to understand. This led to difficulties in setting up the software. Training and education on the product are necessary. NonLinear Pro needs to apply a risk management process to improve its systems and processes.
Risk management applied in practice
Ongoing monitoring and review of policies and procedures are important. Making the manual and training guide simpler will help with setting up the software. Offering online training or conference calls can also be helpful.
Key terms
- Enterprise risk management
- The process of planning, organizing, leading, and controlling the activities of an organization.
- Express contract
- A contract where the terms are explicitly stated by the parties.
- Implied warranty
- A guarantee that is not explicitly stated but is implied by law.
- Tort
- A civil wrong that causes harm or loss to another person.
- Risk management process
- A systematic approach to managing uncertainty and risk.
- Ongoing monitoring and review
- Continuous assessment and evaluation of risk management strategies.
Questions this document helps with
- What is a verbal contract and how is it enforced?
- What are the risks of misrepresenting a product?
- How can clear policies and procedures help in risk management?
Summary written with AI from the document's text.
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