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Discuss the Importance of Putting Contracts in Writing, Both from a Legal

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Essay

Discuss the importance of putting contracts in writing, both from a legal perspective and from a practical business point of view.


Definitions:

Capacity

The maximum level of output that a system, facility, or organization can produce or handle under normal operating conditions.

Material Requirements Planning

A production planning, scheduling, and inventory control system used to manage manufacturing processes efficiently.

Master Production Schedule

A detailed plan that outlines what a manufacturing facility will produce, in what quantities, and when, to meet anticipated demand.

Bill of Material

A comprehensive list of raw materials, components, and instructions required to construct, manufacture, or repair a product or service.

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