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RUNNING HEAD CULTURE
Name of the writer
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In the vision 2030, many challenges have been highlighted and one of these challenges is uncertainty, deception and speculation in contracts. Parties involved are free to negotiate changes and introduce their terms and conditions unless they are restricted by legislation.
Challenge of uncertainty, deception and speculation in the contracts especially those contractual agreements which hindered the way of improvement of transportation and infrastructure were witnessed in many places. According to Nader Habibi, with the emergence of increased contractual bleach cases, Mohammad bin Salman announced Saudi Vision 2030 that aimed at the major transformation of the Saudi Kingdom. One of the main motives behind Vision 2030 as economic plans failed to produce non-fiscal revenue that could reduce the dependency of the state on oil (Habibi,et,al,2019). It was the time when sea transportation was given more importance. During this time, mprovement in infrastructure was of secondary importance for Vision 2030. It could be said that time before the announcement of Vision 2030 was the period of emergence of this challenge (uncertainty, deception and speculation in contracts).
Reference Habibi, N., 2019. Implementing Saudi Arabias Vision 2030 An Interim Balance Sheet
Globalization has been on the rise for several decades now and has provided many opportunities for growth in multiple countries. Due to globalization, the movement of knowledge and mechanical expertise across borders has greatly influenced the economies of multiple countries. This makes globalization as the key factor of growth for emerging markets but the fact is globalization can also be problematic for countries as well (Spahr,et,al,2007,p.7). This is because countries that are facing globalization need regulations that are up to date and will be strong support in times of financial crisis. If these laws and measures are not provided with a high amount of uncertainty and risk can be developed in the workings of that economy.
This uncertainty arises when the rate of globalization is high but the rate of standards implemented in this country is far beyond what is required to stabilize the economys growth. This uncertainty is prevalent in the economy which would effect any business decisions made either domestically or internationally. Uncertainty will influence contractual agreements made between two parties within the Kingdom of Saudi Arabia and would made all the contracts full of loopholes, it would decrease trust factor in the country.
Reference Spahr, R., 2008. Is Globalization Risky.Globalization,7.
For solving this issue of uncertainty and speculation in contract, few of the basic steps taken include underpinning of principles of Islamic Sharia, the power to enact legislation and observance of laws and regulations issued by Royce Decree etc. According to Joseph for avoiding the issue of deception in contract other steps that taken includes law of choice on which both the parties agree, governing laws mentioned in the contract, observance of the law of the arbitration and lack of language that would be understood by common people easily. Critical evaluation of this article shows, despite describing these solutions still problem of uncertainty, deception and speculation is there. No practical efforts being put for resolving this challenge that hinders improvement in transportation and infrastructure. No change in the traditional ways of society for dealing a deception in the contract is still there which is difficult to solve this challenge.
It has been seen that adaptive change involves auditing of existing systems, responsibilities and roles etc. Approaches that are being used in adaptive changes sometimes result in the rebuilding of the entire contract as uncertainty and speculation could lead towards the redefining of the contract i.e. elimination of overlap and requirement of creating greater efficiencies. Adaptive challenges are easy to deny but difficult to identify, requires changes and beliefs etc. It has been witnessed that different approaches are being used for solving any sort of challenge. Adaptive Challenge Approach could be useful as it paves the way and proposes a solution for the problem (in this case problem of uncertainty and speculation of contract). Adaptive Challenge Approach would be effective for solving this problem as senior management is not going to solicit ideas from staff. The approach used would include reviewing the contract and raising questions. In the given situation approach for dealing with the adaptive challenge would be, making a clear agreement that would be in accordance with the legislation. Characteristics are listed below
Willingness to solve the challenge.
Need collective efforts and wisdom for solving the challenge.
Inclusion of legislative.
To address this challenge of uncertainty and speculation within contractual agreements, there is a need to cross current boundaries regarding the understating what is going on in a contract. There would be a need to explore the horizon that no one thought of including in a legal contract. There is a need to focus on other dimensions and going beyond the understanding of the other party.
For coping with the challenge of uncertainty and speculation in the contract, we need to believe that parties involved in the contract can make changes without facing legal restriction. There is a need to change the belief that legislative and law enforcement departments are going to leave the culprit. There is a need to change the belief that any contract involving deception and speculation would be taken for granted by the authority as contracts would be made mainly for improving the transportation and infrastructure. Contracts serve in the best interest of Saudi national development policies so there would be a proper check and balance on such developmental contracts. This believe must be changed that parties are going to damage their reputation as this fact cannot be denied that an action would not be having a consequence.
Uncertainty is one of the greatest challenges that is serving as a barrier to the improvement of transportation and infrastructure. It has been seen that any contract that involves elements i.e. deception, speculation and excessive uncertainty could be used by using the latest technology. The technology could help in getting necessary information about the party that are going to be partners in a contract (Liu,et,al,2012,p.163-171). Technology helps in finding important information regarding any person or company. There are certain sites and search engines that assist in finding information. The technology could be used for clearly representing the plans and record them so that no changes could be made in the represented plans. Technology could be used for preparing the contracts in soft form and shared between the two parties so that no changes could be made without other partys consent. Technology of photo coping could be also used for printing the finalized contract (following legislation) and both the parties could keep each copy. If any party found something wrong, they could check the hard copy of the contract and discuss it with the party who is trying to deceive.
Habibi, N., 2019. Implementing Saudi Arabias Vision 2030 An Interim Balance Sheet
Liu, H., Tellez, B.G., Atallah, T. and Barghouty, M., 2012. The role of CO2 capture and storage in Saudi Arabias energy future.International Journal of Greenhouse Gas Control,11, pp.163-171.
Spahr, R., 2008. Is Globalization Risky.Globalization,7.
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