Do a quick "ethics check" when necessary. If you're not sure whether a decision or action would be ethical, ask yourself: Is it legal? Would I be violating federal, state or municipal law? Is it in accordance with company policy? Is it fair? Would anyone lose out? Would I be proud of my action? How would I feel if my family and friends read about it on the front page of the newspaper? How would our customers react?
Would they be more inclined to trust us, or feel cheated or betrayed? The goodwill generated by such a policy is priceless. RMI also "fesses up" when orders are messed up somehow. Denial of responsibility — often the first reaction when a company errs — doesn't wash at RMI. They prove it by their long-term loyalty to a company that doesn't dodge responsibility — and quickly rectifies its mistakes.
Treat them with honesty and respect if you want them to give one another — and your customers — the same treatment. Provide employees with opportunities for personal and professional growth. Tailor incentives to individual needs. Educate employees about ethics. The advantage here is that the plaintiff can sometimes recover punitive damages in addition to the damages meant to compensate for economic losses.
Business sales contracts can sometimes be fairly complex. You may wish to contact an experienced commercial lawyers if you have any legal issues at all involving a business sales contract. Your lawyer can help you draft, review, and edit your contract to ensure that it meets the requirements involving fair dealings. Ken LaMance.
Ken joined LegalMatch in January Since arriving, Ken has worked with a wide assortment of talented lawyers, paralegals, and law students to grow LegalMatch's Law Library into a comprehensive source of legal information, written in a way that is accessible to everyone. Ken holds a J. Jose Rivera. Law Library Disclaimer. Can't find your category? Click here. Choose a Legal Category: Family Law. Real Estate and Property Law. Typically, it takes just one lie or failure to share pertinent information to damage or ruin business relationships.
Fairness in business refers to the value of treating people with a standard of performance that is consistent and equal based on your commitments. It means giving customers a fair value for their money. It also means providing a non-discriminatory work environment where employees have equal opportunities to good benefits and working conditions.
Treating community members and business partners with the same level of fairness you expect from them is also important. Respect in business relationships essentially means acknowledging the needs and feelings of those involved with your business.
With genuine respect, you should pay attention to employee, customer and partner needs without them having to remind you. Every week, all of the wannabe moguls try to impress Donald Trump by preening, cajoling and conniving.
In this world, toughness is the measure of every CEO, and the boss glories in firing people and squeezing every penny out of suppliers. They care about fairness — and they should, the researchers say, because doing so can maximize their profits.
When a fair channel is coordinated through a constant wholesale price, the retailer perceives no inequity. Therefore, a constant wholesale price as a channel-coordination mechanism can help to foster an equitable channel relationship. When the retailer sees that he is being treated fairly by the manufacturer, he will reciprocate by picking a retail price that rewards the manufacturer. Conventional wisdom says that the manufacturer needs to enter into an elaborate contract with the retailer to align their interests.
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