Describe the Steps Involved in Effective Contingency Planning

question 91

Essay

Describe the steps involved in effective contingency planning.

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Definitions:

Enforce

To compel observance of or compliance with a law, rule, or obligation.

Consideration

The concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be considered legally binding.

Lesser Sum

An amount of money that is smaller in comparison to another sum, often within the context of payment obligations or settlements.

Debt

An obligation owed by one party (the debtor) to a second party (the creditor), typically involving borrowed money that is expected to be paid back with interest.