Corporate Compliance Plan
Oluwayomi Adebola Crofton
Stanley P. SantireAbstract
Dr. Riordan, a professor of chemistry, who had obtained several patents relative to processing polymers into high tensile strength plastic substrates, founded the company. Sensing the commercial applications for his patents, Dr. Riordan started Riordan Plastics, Inc. in 1991.
Initially, the companys focus was on research and development and the licensing of its existing patents, but in 1992 Dr. Riordan obtained venture capital that he used to purchase a fan manufacturing plant in Pontiac, MI. At that time, the companys name was changed to “Riordan Manufacturing, Inc.” In 1993, the company expanded into the production of plastic beverage containers when it acquired a manufacturing plant in Albany, GA.
The companys most recent expansion took place in 2000 when it opened its operations in China. At that time, the entire fan manufacturing operation was moved from Michigan to China, and the Pontiac, MI; facility was retooled for the manufacturing of custom plastic parts.
Riordan Manufacturing is a global plastics manufacturer employing 550 people with projected annual earning of $46 million. This paper will outline an Alternative Dispute Resolution (ADR) for the company to use to keep them on track with their mission. Then discuss enterprise and product liability. Briefly discussed will be issues with international law and how those laws affect the expansion into China. The paper will cover tangible and intellectual property, legal forms of business as well as governess. The paper will cover enterprise risk management as outlined by the Committee of Sponsoring Organizations of the Tread way Commission (COSO). The paper will wrap up with a discussion on laws that Riordan must follow.Alternative Dispute Resolution Clause
According to the book business, its legal Ethical and Global Environment written by Marianne Moody Jennings; Alternative Dispute Resolution offers parties alternative means resolving their differences outside ???actual??? Courtroom Litigation and costly aspect of preparation for it. ADR ranges from informal options, such as a negotiation settlement between the CEO of companies Working together to achieve one goal can be easy or difficult there will be disagreements, question, dispute arises within the Corporation. Alternative Dispute Resolution clause is the most efficient way to resolve ???between??? the workers according to Jennings (2006). All disputes that arise within the workers ???that??? cannot ???be??? resolved in 24hours after the dispute began will enable ADR to occur. All dispute in reference to an employee disregarding the Rules and Regulations of the company. The employees shall consult and negotiate with each other in good faith and recognizing the mutual interest in the company goals.
In the event of the dispute, the employee agree to participate in a Mediation negotiation with the assistance of a neutral employee who will be appointed by the remaining employees. The Mediation involves no formal procedures and the Mediator does not have power to render a binding decision or force to agree. The employees, who are involved in the dispute, will be ???forced??? to participate in the Mediation process. In the event the at the dispute is not settled during the Mediation an Arbitration clause will follow if the dispute will ???be??? referred and resolve through Arbitration. The Arbitration clause enforces employee who denied Mediation and all the employees will appoint the role Arbitration, excluding members with previous or current involvement in the dispute. The Arbitration decision shall be final.
Corporate Compliance Plan