Report on the Contracts and Legal

Introduction of Contracts and Legal

The prime concern of customer service agreement is to ensure the service provider and client both understand the scope of the work, work conditions, terms and conditions. A well maintained and detailed contract is designed by both parties for work specifications. I worked in Deloitte's Audit Services of United States. Before starting the job, I signed a contract under rules and regulations of Deloitte's Audit Services. The contract administration ensures all the sections are under the law and regulations. In the present work, I will analyse all the sections of contract that I signed and how it benefits the worker and company. I will discuss procurement regulations that are applicable in the organization. The emphasis of these procurements was on tender requirements and contract implementation process.  

Tender requirements of Contracts and Legal

It can be noted that tender requirements are extremely important to be considered in the contract. In this report, there is complete information about the contracts and legal laws of carried out between two people. It can be noted that contracts are playing quite critical role in the organizations for managing different kind of task between stakeholders and other management. This shows that if there is no contract between the company and its supplier then there will be huge problem for the company in the future. This is because they may face some problems related to conflicts and disputes. The main reason is that there is no contract so suppliers will use the company and the company is not able to take any kind of action against these suppliers. For court proceedings, there is a need of a tangible evidence of the fraud. This means that if company wanted to claim fraud of its suppliers then they have to show the contract paper held between the company and supplier. This shows if there is no contract paper then company will suffer a lot. This report is dealing with different aspects of the contract law. In the first part of the report, there is complete information about the requirement of Tenders. This will include value of contract, types of contract, fixed prices, technical and commercial evaluation criteria.

The next one is related to contract implementation process. It will deals with the appointment of contract administrators with complete information about the responsibilities and payments. The second phase of the report will deal with the contract analysis. It will be according to the organization and it will deal with related parts of the contract. Moreover, I will also highlight important and useful information about the contract. Another thing is that all elements of the contract will be discussed in a proper way with comprehensive explanation of the contract.

Essential information of contract

The essential information in the contract are about the acceptance and offer. The contract highlights all the necessary information about the working conditions and termination rights. In case of termination, one of the parties suffer the most. The contract I signed was under the rules and regulations and mentioned stipulated conditions. in the contract, I was given with the right to cancel anytime but I need to inform management one month before resigning. First, I checked possible risk issues of the contract including capacity of management, unrealistic schedule, cost expectation, performance evaluation mechanism, current relationship between supplier and current workers, and potential of final work impact and what are the requirements for final product specifications. The contract was under Government Auditing Standards issued by the Comptroller General of the United States; and the Audit Guide for Audits of DECD Programs ("DECD Audit Guide"). besides this, it was under the State Single Audit Act (CGS 4-230 to 4-236) and/or the Federal Single Audit Act, Office of Management and Budget (OMB) Circular A-133. My job specification was to conduct audit including tests of accounting records and audit procedures. 

Contract analysis of Contracts and Legal

In this part, there is complete information about the basic parts of the contract. It is required to analyse the main parts of the contract for basic understanding of the whole contract in a proper way. This contract contains a lot of parts and all of them are extremely important. This is because they are dealing with major aspects of the contract. According to these terms it will become simple to explain all parts of the contract.

Offer and acceptance of Contracts and Legal

There is only one offer made by the company in this contract. According to this contract, it was held between the organization and a contractor. For that purpose, the contractor is required to audit the complete financial records, statements of the company, account and other parts related to finance of the company. Moreover, the next important thing is that all of these programs will be audited and contained in the Exhibit A. This shows that the offer is related to the audit and it is accepted by the contractor. This contractor is related to the finance department of the organization.

Subject of the contract of Contracts and Legal

It can be seen that this contract is related to the services provided by the finance department of the company. It is showing the complete details of the auditing details of the company. According to this contract, the person who is going to sign this contract must contain decent knowledge about the GAO continuing education requirement of 80 hours. The main subject of the contract is related to the analysing the auditing report of the company according to the specific standards. All of these standards are according to the financial audits contained in the Government Auditing standards. Moreover, this standards are issued by the comptroller general of the United States of America. The main subject of the contract is to analyse the auditing performance of the required company properly.

Define the term of the contract

According to this contract, it can be noted that the time period of the contract is not specific. The main reason is that there is no proper information about the time is given in the contract. Overall, there is some information about the time when contractor will deliver to the organization. For that purpose, if any state is requiring certain audits and or Federal single audit is required. Then there is need to make copies of these reports and it will be distributed between the agencies according to the required laws and regulation. Moreover, these copies will be submitted within the time frame mentioned in the contract. Another point is that the contractor is required to submit the audit reports according to the time mentioned by the company. Moreover, in the fifth point of the contract, there is proper information about the responsibility of the contractor. It is showing that the responsibility of the contractor is limited and it is according to the period covered by the audit. This means contractor has to submit auditing report according to the required period. Moreover, in the 17^th point of the contract, there is proper information about the contract for the option years. It is showing that these contracts will be controlled by the terms of the agreement. Then according to this, due date will be updated and contractor will be paid the following amount of two option period.

Define the one warranty and one condition

It can be noted that warranty is playing a major role in the contract. Without any warranty, it will become not easy for the injured party to claim any defect due to this contract. The main reason is that there will be no information is mentioned in the contact about warranty then injured party has to suffer consequences. Moreover, according to this contract, there are about two main conditions are given in this contract. On the other hand, there is no proper warranty is provided. The main reason is that organization is related to the government sector so they can easily claim if contractor is making any mistake or playing with the company. Moreover, the first condition is related to the financial books records of the company. It is showing that if the contractor discovers any defect present in the company’s financial record.

This means that financial records of the company are suitable for auditing. According to this condition, contractor is required to disclose this problem with the company. Then according to this company is required to take certain actions related to the financial records. Moreover, if the company is not able to ready its auditing records within 15 days. Then contractor is required to notify DECD. This is because it will help the contractor according to this contract. It is also showing that the written contract will solve the problem of the contractor in an efficient way. the next condition is that exit and entrance conferences will be held with the whole management of the company. Moreover, it will also include other members related to the contractor representatives. Through this, it will become easy for the contractor to make prefect auditing report of the company. On the other hand, the next condition is related to provide essential notification to the company. It is showing that contractor will be responsible for notifying any reportable problem to the company during course of any audit.  All of these are the essential conditions of the whole contract.

Contract termination of Contracts and Legal

According to this contract, it can be noted that the contract termination right is given to the organization. This means that only organization is able to cancel the contract at any time with the contractor. It can be noted from the 7^th point of the contract. It is showing that the contractor has to understand its main responsibility according to the required contract. If organization wanted to terminate the contract with the contractor then they are required to notify DECD within 5 business days. If they wanted to terminate the services from the contractor. It is given in the contract with complete information.

Moreover, the next important point is that the contractor is required to submit the auditing reports according to the information from the company. The next thing is that its requirements is related to the government Auditing standards. These reports will be made according to these standards. This means that if these reports are not according to these standards then organization has right to cancel the contract with the contractor because these reports are not according to the standards. Moreover, another fact is that there is no proper information about the plenty given to the contractor from organization related to these reports. The main reason is that this contract is related to the services provided by the contractor for organization. This means that if any auditing file is not according to the given standards then company will cancel the contract without any plenty. Moreover, the next important thing in the contract is that the organization is not setting any served compensation payable to the injured party. This means that if contractor is not making auditing report according to the information of government then organization will not give any notice to the contractor.

The applicable law of Contracts and Legal

The applicable law is related to this is contract law. This is because a contract is established between the contractor and the organization. According this contract, an agreement is made related to the auditing report of the company. The contractor is required to make these reports for the company in an efficient way. Moreover, there are two important terms are more reliable for this contract are breach and cancelation of the contract. On the other hand, this contract is made for providing services to the company in the form of auditing reports. Moreover, these reports should be made according to the government auditing standards. This shows that if these standards are not followed by the contractor then it will be in Breach of contract. Furthermore, this type of breaching will not cause any damage to the organization. There will be no physical injury to the company if these contracts are not according to the government standards. Moreover, it can be noted that if the contractor is failed to make auditing reports according to these standards then both these parties will not be involved in Arbitration. The main reason is that it will result in wastage of time for the company.

The next important term is related to the cancelation of the contract. Therefore, if contractor is failed to make auditing and financial reports according to standards then  organization will cancel the contract with the contractor under the act of Sherwood v Walker 66 Mich 568,33 NW 919. This is showing that if any dispute is present between the offer any acceptance then the offeree has the right to cancel the contract at any moment with the contractor. This means that if organization is not happy with the reports then they have the right to cancel contract with the contractor at any moment without any problem.

The mechanism to resolve dispute in the contract

There is one mechanism is mentioned in the contract regarding solving any dispute present between the two parties. Due to this mechanism it will become simple to handle dispute with each other and also manage partnership between two parties. For that case arbitration mechanism is used for handling this dispute between the contractor and organization. it is showing in the 22^nd point of the contract. This shows that if there is any element of dispute present between the contractor and organization regarding the acceptance of deliverables for the auditing report. Moreover, if these parties are not able to handle this dispute by themselves. Then according to the contract, this dispute will be submitted to the American Arbitration Association for resolution through binding arbitration. This will resolve the problem between the two parties properly with the help of proper negotiation. Furthermore, it is the only method is given in the contract between the organization and contractor.

Define contract’s commitments of Contracts and Legal

According to the given contract, there are a lot of points related to the contractor’s commitment. The first one is related to make audit the financial records of the company. This shows that the contractor will audit these financial records, account and important statements of the company according to the given years of the company. Moreover, it is the main duty of the contractor to plan and perform the audit for obtaining reasonable assurance related to the financial statements of the company. Furthermore, another point is that the contractor will be the part of the engagement and he will accept the written representation of the contract properly. There are some responsibilities on which the contractor will commit properly. The first one is related to the maintenance of adequate records of the company. The next one is related to the analysing internal control structure policies and structure of the assets. The contractor is also responsible to make auditing reports according to the requirements of the government auditing standards. Furthermore, if there are some defects present in the files of the company then it is the main duty of the contractor to notify DECD within 15 days. According to this, contractor is required to wait for further instructions from the DECD about the finish of auditing reports.

According to the contract, he is responsible to deliver these things to the organization. The first one is related to the two main copes of the draft audit reports.  According to this contract, original and copies of the financial reports will be provided to the company within 180 days after the end of audit year. The next thing is that if state single audit and federal single audit is required then make two copies of it according to the demand. Another important point on which the contractor will commit is related to the significant reportable conditions in the course of the audit.

Copy of contract of Contracts and Legal

Conclusion of Contracts and Legal

Summing up all the discussion, it is concluded that this report is discussing important parameters of the contract. According to this case, the contract is held between the contractor and the organization. A well maintained and detailed contract is designed by both parties for work specifications. I worked in Deloitte's Audit Services of United States. Before starting the job, I signed a contract under rules and regulations of Deloitte's Audit Services.

It can be noted that contracts are playing quite critical role in the organizations for managing different kind of task between stakeholders and other management. First, I checked possible risk issues of the contract including capacity of management, unrealistic schedule, cost expectation, performance evaluation mechanism, current relationship between supplier and current workers, and potential of final work impact and what are the requirements for final product specifications. This contract contains a lot of parts and all of them are extremely important. This is because they are dealing with major aspects of the contract. For that purpose, the contractor is required to audit the complete financial records, statements of the company, account and other parts related to finance of the company.

According to this contract, the person who is going to sign this contract must contain decent knowledge about the GAO continuing education requirement of 80 hours. Another point is that the contractor is required to submit the audit reports according to the time mentioned by the company. Moreover, in the fifth point of the contract, there is proper information about the responsibility of the contractor. On the other hand, there is no proper warranty is provided. The main reason is that organization is related to the government sector so they can easily claim if contractor is making any mistake or playing with the company. It can be noted from the 7^th point of the contract. It is showing that the contractor has to understand its main responsibility according to the required contract. This means that if these reports are not according to these standards then organization has right to cancel the contract with the contractor because these reports are not according to the standards.

Reference of the contract of Contracts and Legal

https://portal.ct.gov/-/media/DECD/OFR/Appendix-D---Sample-Audit-Agreement.pdf?la=en

References of Contracts and Legal

Geraint G. Howells, R. S. (2009). Modernising and Harmonising Consumer Contract Law. sellier. european law publ.,.

Linda Mulcahy, J. T. (2004). Contract Law in Perspective. Psychology Press.

Martins, L. L. (2011). Organizational change and development. In APA handbook of industrial and organizational psychology, Vol 3: Maintaining, expanding, and contracting the organization., pp. 691-728. American Psychological Association,.

Mary Keyes, T. W. (2016). Codifying Contract Law: International and Consumer Law Perspectives. Routledge.

Mulcahy, L. (2008). Contract Law in Perspective. Routledge.