Difference Between the Bilateral and Unilateral Contract Essay

Difference Between the Bilateral and Unilateral Contract - Essay Example Businesses either being sole proprietorship or partnership require binding deals between two partners since equal contribution between each other is expected for the business growth. Input must be equal depending on what each is bringing to the business, and a unilateral contract becomes acceptable when the other party completely performs the action (Cheeseman, 2009). A unilateral contract would be considered in a scenario in which one expects some service done to them and in return, of remuneration for the service rendered thus, a promise is made for payment or honor of service rendered upon completion. For instance, an individual in an educational situation would consider a unilateral contract. Quintessentially, private tuition where payment is done upon completion of the desired session or as agreed. Production companies often sought unilateral agreements where they are paid upon completion of a task (Cheeseman, 2009). A bilateral contract would be considered between two individuals with the desire to start a partnership business whiles each makes contributions for security and more so if the two parties do not have a close, personal relationship. Large groups can also settle for a bilateral contract in case they plan to work together thus, a percentage of contribution is expected from each party and since law binds the contract, it helps to prevent a breach of the contract by either party. A unilateral contract can be changed by one party as it only stands when the other party performs the given task. The offeree only gets to be bound once he decides to commit to the contract. A bilateral contract is beneficial to the offeree since both parties make a law binding promise. A unilateral contract for the offerer can be beneficial once achieved as they bargain for completed performance rather than a promise to perform. An example being the case of an insurance company, which expects the insurer to make a promise for future performances.  

Case Study Analysis Essay Example | Topics and Well Written Essays - 2000 words - 1

Case Study Analysis - Essay Example Babcock conducted wide level strategic changes specifically in areas of process re-engineering, management restructuring as well as people’s management. Efforts were successful and within first year of performance Babcock managed to generate efficiencies in excess to targets across the board without compromising any security risks and services. Babcock over years developed successful relationship with all stakeholders resulting Faslane to become home base for the entire UK submarine fleet. The case assessment herein provides the review of the strategic measures exercised by Babcock for the purpose in relevance to academic management literature. CASE STUDY ANALYSIS The strategic changes undertaken by Babcock from 2002 to 2010 changed the strategic model of Faslane. Broadly, the change has been taken in the areas of process re-engineering, people’s management with flattening management structure etc. The section provides the assessment of the referred changed from three a spect as discussed as follows: Describe the Strategic Change Context In 2002 The change undertaken at Babcock has can be defined as the transformational change among options set out below: (Balogun, J. (2001) Transformational change requires changing in believes and the culture in all (Johnson, Whittington, & Scholes, 2011). As noted in the description people at Faslane were more towards Inwards River fencing than actually intending to serve the Navy. John Howie the managing director of Babcock then also declared that efficiencies in the project are to be explored by changing the mindset of the people serving at Faslane to delivering services with minimum possible cost. Babcock adopted the strategic path for change with intense consideration adhered to factors that are sensitive to firm. These considerations were given to underlying situation of the firm within outer, middle and internal context as follows: (Balogun, J. (2001) Changes undertaken were strictly aligned to maintain wit h the organisational context as focus. Therefore, focus was made changing attitudes and processes than organisation. Low level changes were timed on first place with managerial transformation in later phase. Scope was maintained to change the attitudes towards jobs than changing jobs or people. Such as processes were engineered to ensure value addition to the processes ensuring critical steps preserved while eliminating wastes and redundancies. Almost entire staff was moved towards change with exploring change and efficiency possibilities and capabilities across the board. Small level readiness of employees for changed were enhanced with consistent communication and increased sharing of power. Restructuring, top-down path and participative approach, management leveraging support to understand the value addition paradigm of serving with least possible expense, leadership and involvement of change action team formed the defining characteristics of the strategic change design implement ed by Babcock at Faslane. For such change implementation Babcock undertook measures that consistently increased the strength of factors that appreciated and supported change (Milicevic & Ilic, 2010). In line with Lewin’s Force field analysis (Thompson & Martin, 2010), John undertook measures that also weakened the forces resisting change. Change drivers originally strengthened from the Babcok gaining contract for the job. Further, consistent contact with stakeholder ensuring the enhanced quality of service while reducing bureaucratic pressures from employees also