Corporate Compliance Plan Ã¯Â¿Â½ PAGE Ã¯Â¿Â½1Ã¯Â¿Â½
Corporate Compliance Plan
Riordan Manufacturing is a plastic injection-molding corporation that creates innovative plastic designs, and has four facilities located in California, Georgia, Michigan, and China. With the state-of-the-art technology, Riordan is capable of producing and manufacturing plastic bottles, fans, heart valves, medical stents, and custom plastic parts. In the following paragraphs, I will focus my plan on managing the legal liability of officers and directors of Riordan and address ADR, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business, and governance.
Alternative Dispute Resolution (ADR)
Riordan will commit to resolving disputes with other organizations or individuals through Alternative Dispute Resolutions due to the efficiency and relatively low cost of the procedures. The two methods of ADR they will utilize are mediation and arbitration. When using mediations, a neutral mediator is chosen and approved by both parties.
The mediator will then listen to both sides with the objective to assist both parties in reaching a mutual agreement. However, he/she is unable to make a decision for each of the parties and must only assist them in reaching an agreement. On the other hand, if the organization uses the arbitration method, a third party will listen to both sides, act as a judge and make a decision, which will either be binding or non-binding. Binding means that the decision between both parties cannot be appealed in any court. Non-binding means that if both parties do agree with the decision of the arbitrator the case maybe litigated in court. Therefore, in the mediation method, it is not considered binding unless the parties agree to be bound by the decision before the mediation occurs.
Enterprise liability means that any employee who works for Riordan or is affiliated with...