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Seneca MGS350 - EXERCISE #2 CONTRACT NEGOTIATION ASYNCHRONOUS (FLEX) - NAA Please note what follows are the asynchronous instructions for Exercise #2 - Contract Negotiation. GOALS OF ASSESSMENT Upon completion of Exercise #2 - Contract Negotiation, you should be able to: Identify and implement negotiation strategies based upon a set of fasts Identify the specific contract terms that apply to the facts . Explain the importance of including the specific contract terms Identify the risk management clauses that apply to the facts Explain the importance of including the specific risk management clauses in the contract The Asynchronous Exercise #2 is completed entirely on your own time. It is due by 11:40 am on Friday February 9. It is worth 10% of your final grade. It has two parts: Part 1 - Video on Risk Management Clauses (10 marks) Part 2 - Video on Contract Terms (20 marks) . Please record your videos, post them to YouTube (make them public so I can watch it) and upload the link to Learn@Seneca by 11:40 am on Friday February 9 INSTRUCTIONS FOR ASYNCHRONOUS NEGOTIATION EXERCISE Part 1 - Video on Risk Management Clauses (10 marks) Read the confidential instructions for both Grocery Store Inc. and Vegetable Greenhouse Corp. Record a 5 6 minute video detailing the following: o Explain why a contract should include risk management clauses. Your answer should demonstrate your understanding of why it is beneficial for both sides of the contract to include risk management clauses (2 marks) Based upon the confidential facts: Identify why the Vegetable Greenhouse Corp. would want a force majeure clause in the contract. Your answer should explain how a force majeure clause works, and provide an example of when it would benefit the Vegetable Greenhouse Corp. during their contract with Grocery Store Inc. (3 marks) Identify why the Grocery Store Inc. would want an indemnity clause in the contract. Your answer should explain how the indemnity clause works, Professor Lisa Kerbel Caplan Page Hof 3 Winter 2024 Seneca MGS350 - EXERCISE #2 CONTRACT NEGOTIATION ASYNCHRONOUS (FLEX) - NAA and provide an example of when it would be benefit the Grocery Store Inc. during their contract with Vegetable Greenhouse Corp. (3 marks) o Explain why both parties would want an arbitration clause in their contract (2 mark) Part 2 - Video on Contract Terms (20 marks) Read the confidential instructions for both Grocery Store Inc. and Vegetable Greenhouse Corp. Record a 6 6 minute video detailing what you think would be fair negotiation for 8 of the following 11 contract terms (what do you think the parties would have negotiated for each term) and explain why you think it is fair (2 marks each): Quantity Quality of product or service O Pricing O Payment 0 Deadline O Cancellations O Condition precedent O Condition subsequent o Entire agreement Governing law O Venue You will also identify one term in the contract that is a condition (1 mark), explain why it is a condition (2 marks) and explain what happens if you breach that condition (1 mark)
