5 Significant Guidelines for Business Law Managers
This is an excerpt from the book ‘Business Law for Managers’ written by Anurag K Agarwal. He has graduated from Harvard Law School and was the first recipient of the Marti Mannariah Gurunath Outstanding Teacher Award at Indian Institute of Management, Ahmedabad. Agarwal conducts executive education for its authorities in addition to private and public sector businesses.
In this book, he explains why it is vital for a company manager to know the nitty-gritty of legislation, though they could have varied academic credentials.
We do not see the value of regulation in business. However, with all of the facets that include the company, there are some legal elements supervisors have to know about.
This is what the author of Business Law For Managers aims to achieve and to spread. So here are a few suggestions for business managers, about a vast assortment of topics such as contracts, insurance, banking and bankers, and mediation.
1. Business supervisors have to have a fantastic knowledge of the basic principles of contracts both special and general, and should attempt to appreciate their program in various jurisdictions. Occasionally, it has been observed that sensible application is well directed by the standards and practices that evolved over centuries and decades and also the theoretical reading only might not be that beneficial.
2. Managers must be really careful when managing contracts of particular nature since they might have certain peculiar attributes, quite different from overall contracts. As an example, there is just one-sided factor in a gratuitous bailment, whereas the bailee is accountable for a safe keeping and taking care of goods given over.
3. Business managers will need to be sensible in borrowing and utilizing borrowed money. Luxurious, unnecessary cost and credit does not help. It seems clichéd and conservative, but it is the bitter reality that mainly contributes to a fiscal crunch.
4. Bank officials must think about decision-making as a goal undertaking, with info applicability which makes subjectivity minimal.
5. Obtaining subject matter specialists as arbitrators are among the most crucial qualities of mediation as a dispute resolution approach.
Photo Credit: Flickr