Business Law for Key Performance Indicator- myassignmenthelp.com

Question: Discuss about theBusiness Law for Key Performance Indicator. Answer: As provided in the given case study it can be stated that the hotel owners have decided to renovate and extend the bistro. By virtue of being the purchasing manager of the hotel, I have been granted the authority to negotiate contracts with the suppliers to the value of $150,000 dollars. Therefore in the event of negotiating contracts with the suppliers which are more that 150,000 dollars in value, it is essential to get the approval of the directors, managers and the owners of the company. It is essential to maintain good relations with suppliers as suppliers not only provide goods and services, they are instrumental in running the business. Inspecting whether the suppliers are given payments timely is essential to maintain good relations with the suppliers. Pay records of the suppliers an be reviewed. Monitoring the financial position of the suppliers can also be helpful for maintaining a good relationship with the suppliers. Proper records of the defective goods supplied by the suppliers must be kept and inspected so as to address such issues with the suppliers. In this contract the important contract terms are that the contract would complete the construction work in time and that the contractor would paid the amount that is mentioned in the contract upon the completion of the construction work. Thus to ensure that all the contract terms are complied with, it is essential to ensure that the contractor would be paid in time and the specified amount as mentioned in the contract. However, in case of delay penalty would be imposed upon the contractor and contract can even be rescinded. KPI can be defined as the key performance indicator. It is the measurable value that shows how effectively a company is achieving its objectives. High level of KPI may focus on the overall achievement of the organization. Targeting the number of the complaints received by the suppliers can help the business to check how it addresses such complainants and how effective is the dispute resolution process of the business. The terms of the contract must be discussed with the relevant stakeholders which include the suppliers and the managers and the owners of the hotel. A copy of the contract must be provided to the relevant stakeholders so that they can examine and evaluate the document. After inspection of the contractual document, it might be signed by the contractor and the supplier, however in case any term of the contract is found to be ambiguous, such contract can be revised and sent again for approval. It can be stated that the terms of the contract are legally binding upon the parties. However the terms of the contract can be amended if it is sought by both the parties to the contract. Such amendment to the contract must be done within the life cycle of the contract. Thus in case of any dispute regarding the payment method, the contract can be amended. For amending the contract, it is important to notify all the parties to the contract about the change in the contract terms which in this given case study include the owners, directors and the suppliers. Good relations can be maintained with the suppliers by communicating with them freely. Paying the suppliers on time and address any issue faced by them can also help contractors to build good relations with the suppliers.