How Can Firms Evaluate Potential Partners

question 19

Essay

How can firms evaluate potential partners?

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Definitions:

Ratify

To confirm by expressing consent, approval, or formal sanction.

Contract

A legally binding agreement between two or more parties outlining specific obligations and rights, which, if broken, can result in legal consequences.

Agreement

A mutual understanding or arrangement between two or more parties outlining their respective rights and obligations.

Agents

Individuals or entities authorized to act on behalf of another, known as the principal, in dealings with third parties.