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Interpersonal and Transferable Business Skills NEGOTIATION - Essay Example

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Unfortunately the company did not take exchange risk into account when first signing the contract back in 2003. It would have been better if the American company had made provisions for exchange rate fluctuations,…
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Interpersonal and Transferable Business Skills NEGOTIATION
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Download file to see previous pages Currency exchange rates can fluctuate greatly over time, so it is within the best interests of both parties to come to some kind of arrangement. On the one hand, the Czech manufacturer can still receive ongoing work. At the same time, the American company can pay a fixed rate, something which would make no difference to the Czech manufacturer because of the need to pay in Czech crowns.
2. If negotiation is not an option, then the American company could attempt to take the Czech manufacturer to a tribunal or hearing to resolve the issue. Perhaps the agreement could be renegotiated to take into account that the currency exchange has changed immensely since the agreement was first made and it will continue to do so in the following years to come. A renegotiated contract could include or fixed exchange rate or a stipulation that the exchange rate be looked at on a bi-annual basis.
3. Finally, if all else fails, the American company may have to raise its prices even though this will likely have the knock-on effect of losing some market share to rival competitors. If the company kept losing money, then it may have to shut down, and this would negatively impact the Czech manufacturer because there would be no more work forthcoming. For the relationship to continue, ideally a compromise has to be made. It may be that payments are made in Czech crowns one year and then US dollars the next to make everything fair for both sides.
In this situation the ball is really in the Czech manufacturers court because the long-term agreement cannot be broken and the fluctuating exchange rate is of little concern to them. Based on the present situation, there are three options for the Czech manufacturer to choose from:
1. The Czech manufacturer could insist that the American company adhere to the terms of the original deal, which was that they be paid in the local ...Download file to see next pagesRead More
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