Business Law. Minimizing Tort and Regulatory Risk

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Introduction

In a corporate setting, liability arising out of tort could arise from the following situations that need to be prevented, avoided or remedied.

Solutions business products, services or utilities that are harmed by unfair or deceptive trade practices of competitors or rival firms- Trade marks or patent infringements.
Cause or be subjected to harm due to negligent conduct – whether deliberate or accidental.
Principles of strict liability.
Regulating the environmental in terms of socially accepted and approved corporate conduct and desisting from unethical practices even if it produces short term gains and benefits.

Manufacturing plants that, inter alia, empty “chemicals that poison the water” which may be used for human satiation, create risks of health hazards. (Tort law damages, 2008).

Legal duties and responsibilities

The general guiding principles of the tort of negligence could be seen in terms of a legal duty, responsibility, or need to take care, the absence of which could result in material action or claim damages to the health, or properties of the plaintiff, the outcomes that was could not have been initially gauged, or foreseen by the defendant.

Torts do not profess to be criminal conduct, but could be termed as civil wrongs, since in most cases, motives are not intentional, but inadvertent in nature arising due to either accidental negligence, or absence of care.

Propose actions a company can take to avoid product liability risk

The aspect of product liability is a significant and sensitive area of corporate functioning since it impinges upon the future performance and turnover levels. It takes years to build a product reputation but meager time to ruin it. Therefore, in order to protect the market reputation of the company and its future performance, it is essential to make a thorough assessment of the products and its underlying impacts. This could be performed through SWOT analysis, comparative studies with rival products, uppermost selling points (USP) and also its deficit areas, where there is likelihood of issues coming up. The company also needs to consider its previous product history in terms of regulatory compliances with “CPSC (Consumer Product Safety Commission), the FDA (Food and Drug Administration) or the EPA (Environmental Protection Agency)” as applicable. (Antonucci et al, 2008).

It is also necessary to consider whether past product liability has arisen and how these issues had been resolved.

Assess methods for managing legal risk arising out of domestic and international regulatory matters

It is first of all, necessary to identify and assess the local, national or global laws that is relevant and applicable in the present setting. If the company maintains internet marketing facilities, the aspects of these transactions on the regulatory and disclosure aspects in business needs to be evaluated. Next, it is also necessary to work closely with similar businesses, or firms in upholding and honoring international legal obligations and commitments.

References

Antonucci, Peter. A. et al. (2008). The importance of product liability risk assessment in business valuation and acquisitions. The Metropolitan Corportae Counsel. Web.

Tort law damages. (2008). Net Industries. Web.

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Business Law. Minimizing Tort and Regulatory Risk

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