World-Wide Concepts, Inc. (World-Wide): Risk avoidance
Because World-Wide Concepts, Inc. is an internationally-based company with operations in a wide variety of sectors spanning across the developing as well as the developed world, it must proceed with caution when entering into business agreements. Business law, customs, and ethics can be extremely varied internationally and particularly in China, Russia, and India (where World-Wide has based some of its most critical operations), there must be discretion in terms of how the organization's contracts and other arrangements are framed to ensure it will continue to succeed in the future.
One risk of doing business abroad is that there are often different safety standards for products such as the pharmaceuticals and medical technology manufactured by World-Wide. In any contract, the roles, responsibilities, and identities of all of the involved parties should be clearly delineated, along with a timetable for the participants. For example, one notable failure to observe safety standards in an international agreement occurred when the Mattel Toy Company entered into an arrangement with a Chinese manufacturing company -- the Chinese company subsequently used a subcontractor which did not adhere to U.S. safety standards: a massive recall resulted as well as considerable damage to Mattel's reputation. "Mattel's recalls illustrate how difficult it is for a multinational company, despite its best efforts, to keep tabs on all sorts of suppliers around the globe" (Palmeri 2007). The experience of Mattel underlines the need to have contingent circumstances outlined in an agreement with a subcontractor, including the requirements for all input which goes into the creation of the company product. Not only must the subcontractor observe World-Wide standards; so must the third-party entities that manufacture the components used by the subcontractors.
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