Contents

• Introduction & Background 4
• Formation of Contracts 5
• Management of Project Related contracts 7
• Property 10
• Trade Practices Act 12
• Other Relevant Legislation for Projects 14
• Conclusions and Recommendations 16
• References 18
• Appendix 21

Description

A business agreement in essence is a set of promises made by all the parties involved in the agreement. Business agreements spell out the terms of business operation for which all the concerned parties are coming together. Business agreements between companies need to be protected under the law of the nation. Agreements made under legal frameworks of legislation would protect interests of one party against the acts of another party or parties that are breaching the contract. Any disputes arising among the companies that are part of the agreement are normally arbitrated in the jurisdiction of the principal company (HG.org, 2009). The business agreement protects the interests of all the companies that are part of the agreement in an unpleasant scenario of one of the parties violating the agreed terms. Even governments, multinational companies, small and medium sized businesses and industries and even individuals such as employees of a firm or consultants to the firm work under the umbrella of legal bindings. There are other set of legal bindings to work within, between companies operating from different nations. The legislations of nations vary to a great extent. In the sample case of Infosys and ACIC project, there are no major legal issues such as ownership of property. However, since the agreement is between companies headquartered in different nations, international trade policies between the two countries apply. It is also important for the client to study the laws of the country it is outsourcing the project. The paper recommends Infosys and ACIC to engage in fair business practices and settle any disputes in the legal framework amicably fostering a long term relationship