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DO ONLY PART 2 (1700 Words). Only part 2 that needs to be written (UK Law). You are expected to explore relevant literature to identify important factors that may determine risk and outcomes.
Commercial Scenario:
You own the Live Your Best Life Smoothie company with your co-founder Beth, it has become a wellknown Smoothie goods retailer which you have built up a strong and loyal following for over 3 years.
Having trained as a Nutritionist you have developed your own secret recipes and processes in the
production of some of the more innovative business products.
All ingredients are sourced at a premium locally, are organic and with high ethical standards so goods
are sold at premium prices which your retail customers are happy to pay.
The business has expanded in to 3 city centre retail premises in the region, one of which contains the
kitchen space for production. The business has 10 employees which are a mixture of part-time, fulltime and casual.
Approximately 70% of revenue comes from retail sales in-store, 30% is derived from wholesale
deliveries to restaurants, cafes and hotels in the local area but you and Beth have identified this as a
huge growth market.
The business spends most of its gross income on supplies (ingredients, packaging, food labelling etc.),
rent, payroll, and utilities. Gross income is around £1,000 per day. Costs are around £700 per day
leaving a pre-tax profit of £400 per day.
You are approached by a luxury boutique hotel chain White Noise, who want the Live Your Best Life
Smoothie company products fresh each morning to their hotels within a radius of 100km of your
kitchen.
If things go well there is potential to expand nationally and subsequently internationally to the chain
by exporting frozen smoothies within White Noise hotels using Live Your Best Life Smoothie company
branding and logo.
In order to fulfil the contract, Live Your Best Life Smoothie company will need to expand production
capacity by taking on new commercial kitchens and an additional 4 employees as well as a regulatory
expert on food labelling, packaging and health & safety for the 4 sites. You will also need to lease a
new delivery vehicle or find a distribution company to deliver for you.
White Noise have e-mailed you their proposed commercial terms below and have asked you to
produce a heads of agreement which if approved will form the basis for a formal Supply of Goods
contract.
–
–
The Live Your Best Life Smoothie company shall produce and make available a minimum of 30
units per day to White Noise exclusively.
No minimum order quantity from White Noise.
Delivery to 5 x White Noise premises each day by 6.30am. Timing to be of the essence.
Term. Live Your Best Life Smoothie company will be subject to a minimum contract term of
12 months.
Termination. White Noise reserve the right to terminate the contract at any time upon 3
months notice or immediately if Live Your Best Life Smoothie company breaches any of the
terms.
Unit prices to be fixed at 50% of Live Your Best Life Smoothie company current retail shop
prices for the initial term of the agreement with no ability to increase.
–
Upon termination Live Your Best Life Smoothie company must deliver to White Noise their
secret recipe and processes.
BEMM386 Reassessment brief
Individual Risk audit and commercial scenario
This module covers a range of legal and commercial risk factors you will need to navigate when
setting up, growing and maturing a business. Your task in this assessment is to respond to both your
own situation and a scenario. You are expected to explore relevant literature to identify important
factors that may determine risk and outcomes.
Part 1.
Setting up your own business. You have a product or service past the development stage and you
are
ready to go to market. What legal and commercial risk factors have you already considered and
taken up to this point and what will you need to consider now to set up the business formally.
– Consider the legal structure you will/are using and why?
– What legal agreements will you/do you have in place?
– What IP sits within the business and how will/have you protected it?
Part 2.
You will be given a scenario of a business post revenue with its first major buyer showing interest
following your approach. Set out all of your key commercial terms in a heads of agreement and
discuss the major risk factors and your approach to address them.
% of Credit: 100%
Word count: 3,500 words +/- 10%
DEADLINE: 8th August 2022 Before 12:00 Noon (UK Time)
Section 1
The legal structure of business
Generally, there are three major types legal structure of business: sole trader,
partnership and limited company (LC). Among them, limited company can be
classified into private limited company and public limited company. Besides, private
limited company can be divided into two types in UK. Those private limited
companies can be limited by share or limited by guarantee.
Sole traders
Sole trader, also named as sole proprietorship, is a commercial entity possessed and
operated by a single individual and the most straightforward type of business
operation. Legally, there is no differentiation between an ownership and a business. In
other words, as sole traders, they can obtain the revenue of business which excludes
the taxes are supposed to pay. Identically, they take all the accountability for the
business operation which includes the losses as they attain all the profits. Universally,
sole trader is applied to the small business’s legal structure.
Primarily, one of the main advantages of sole traders is simply and relative
economical to set up since the procedure of the establishment is fewer than other legal
structures of business and the founder does not need to pay any set-up charges.
Besides, the proprietor retains complete operational control, which means the business
decision is easy to make. Certainly, there are disadvantages of sole traders. The first
and the most important one is that the personal risk of sole traders is limitless, because
they are account for entire liabilities arising from the business. Moreover, it is
unlikely to appear to investments. In addition, it is difficult to lend from bank when
raise funds unless the proprietor present a personal security such as houses or
apartments.
Partnership
Partnership means two or more persons united to build a business in order to pursue
profits. In a partnership, the partners not only do they share the benefits of business,
but also jointly undertake the accountability of the operation of business. In terms of
the benefits, each of them has to pay tax according to the proportion of the profits
they shared. In reference to the responsibilities, they have to jointly tackle and take
the expenses and losses of the operation of business. It is worthwhile noticing that
partnership is easy to build, however it is very significant to design an agreement
which contains the contribution of capital, the distribution of responsibility, earnings
and losses. In addition, in certain circumstances, such as the limited corporation, a
“legal person’ also can be a partner.
The first strengths of partnership is that both earnings and deficits are transferred to
each partner’s individual tax return. Besides, the partnership also does not require
set-up charges and public account. Moreover, the it is more comprehensive to make
business decision in a partnership as there are more than one person’s perspective.
Additionally, bank lending is relatively easier than sole traders. The weaknesses of
partnership is also need to be aware. Firstly, the partnership also has unlimited
liabilities and the losses and debt made by one partner will be shared by every partner
even they do not know. Secondly, the partnership can bring more comprehensive
business decision, but it also can incur the disputes and the mess of management
especially under the condition that the lack of partnership agreement and the terms of
agreement are not well-rounded. Like sole traders, partnerships is not a legal structure
to attract investments and has no tax strength. More seriously, partnership will
confront business dissolution or reorganization when any partner intends or is forced
to to leave.
LC
Private limited company
As mentioned above, there are “limited by shares” and “limited by guarantee” two
types of private limited company. The major difference of the two types of private
limited company is that the purpose of the establishment of the “limited by shares”
companies is making profits. On the contrary, “limited by guarantee” companies are
generally non-profitable (Staunton, 2022).
Public Limited Company (PLCs)
PLCs is entitled to invest in the public by selling shares in its stock, the major
distinction between PLCs and private limited company is the the investor. PLCs can
be dealt in from the stock exchange, while the private limited company
conventionally is invested by investors, family and friends. Besides, although PLCs
and private limited company both need to be in the registration of Companies House,
listed companies are required to hold a minimal equity of £50,000 to obtain a
certificate to deal (Staunton, 2022).
The pros and cons
Both of the private limited company and PLCs have the advantages that the personal
liabilities can be minimized. In a word, if the business is in difficulty, the personal
property are safe. As a limited company is regarded as a distinct legal entity. The
company also is a “legal person” possesses rights. Hence, the business is fully
detached from the person who possesses and operates it. Besides, the operation and
finance statement of limited company are more transparent and systematic since it
under the monitor of relevant authorities, which leads to a more professional image
and appear to more investments than other legal business structure. Moreover, limited
companies presently contribute just 19 percent of corporation tax for their earnings,
while self-employed individuals contribute between 20 percent to 45 percent of
income tax. Thereby, limited company are more efficient and flexible on tax planing
(Billomat, 2019; LCAD, 2021; Legaldocs, 2022)
The shortcomings of limited company firstly appears in the process of establishment.
It is more complex and needs to pay for the registration. In addition, the standards and
procedure of business operation are more strict and complex, so more professional
employees needed such as accountants, the cost for human capital increase. PLCs
carries additional legal duties as compared to private limited companies, which
consist of the requirements to be audited every year and to provide financial reports
publicly (Billomat, 2019).
Conclusion
Regardless of which legal business structure, it has its pros and cons. And with the
development of business, the structure can be changed and evolved.
Many factors could affect people to determine a proper business structure such as the
numbers of owner and employees, the range and size of business, the anticipated
profits, turnover and so on. Generally, sole traders and partnership is suitable for small
business or the stage of start-up or growth. Start a business to pursue profits, the
“limited by shares’ company is the better choice than “limited by guarantee”. PLCs
plays more significant role in the mature and well-developed business.
Legal agreement
Unlike the partnership agreement and stakeholder’s agreement, these are private
agreements made with the partners or stakeholders, in UK, the memorandum and
articles of association are the two fundamental agreements for the establishment of a
limited company.
The memorandum of association
The memorandum is compulsory to submit in the procedure of the establishment of
company in UK. It is the instrument that defines the external matters of the company
and is supplementary to the articles of association that encompass the in-house bylaws
of the company. It incorporates the underlying principles for which the corporation is
permitted to function. In addition, the memorandum also demonstrate the allowable
operating scope of business and initial capital (Howell, 2017).
Articles of Association
Articles of association is necessary and mandatory for every limited company. It
comprises essential details concerning the way the corporation is supposed to be
operated, the decision making process, the persons who possess and operate the
corporation, the obligation and right of stakeholders, and the sorts of practices and
transaction that corporation are able to participate. Companies House offers a example
called “Model articles”, which can be directly applied and adapted. Besides,
corporation can also design a distinct and innovative article to fit the demands of it
(Howell, 2017).
Intellectual property (IP) and its protection
The comprehension to IP enables the company to be more competent in handling the
risks associated with IP (WIPO, 2022). IP rights are conferred on the originators of IP,
entitling them to proprietary ownership of the property for a particular duration
(Prakash et al., 2018). Besides, IP system can provide protection to creative products
and services and differentiate the products from rivals. Meantime, it is able to add
name recognition, attraction and worth of the products in the marketplace. In addition,
it could prevent the unintended utilization of the exclusive property of the third party
and the risk of accidentally disclosing own proprietary information, creative or
original work (WIPO, 2022).
IP Protection
Copyright, design right, patent, registered design and trademark are the five primary
category protection of IP. In particular, copyright and design right is the protection
that does not need to apply for, which will automatically obtain as the products or
services is invented, while patent, registered design and trademark needs to apply for
with the evidences and documents. However, the time spend on patent application
traditionally needs 5 years, money cost £4,000, which is time and money consuming
process (Intellectual Property Office, 2022). During the period of application, there
are risks that alternative products or services appear, the exposure of product
information and etc. Thereby, these IP protections is effective and important, but there
are some risks need to be notices
After finish the application, the applicants also need to renew registrations every four
years to maintain the patent. There are diverse renewal fees for different sizes of
entities and the expense of renew is costly. The larger size of the entity, the more
money need to pay. Moreover, even the same size of entity, the longer the patent
years registered, the higher the payment. (Intellectual Property Office, 2022). Hence,
the registered proprietors are better to consider whether the renewal is worthwhile
based on the market situations.
The risks of international business operation
Deligonul (2020) claims that an international business will confront two major risks,
one is the risk of asset possessing, another one is the risk of asset operating.
Conventional, the risk of operation is freely disposable in global business. This is
premised on the assumption that risk of operation is dispersed given the option of a
strategy with an anticipated rate of zero. If this is the case, then enterprises assume
that the anticipated risk is diminished, thereby decreasing the desired profit objective
(minimum expected rate). The findings are partial to stimulating market penetration.
Hence, the ignorance of the risk of operation, underestimating barriers of market entry,
insufficient funding, these elements will result in a international business failing to
survive in abroad market after entering. The failure of Marks & Spencer into the US
and Canada market is a example. Meantime, he points out that the risks of asset
possessing and operating can merely offset in part through such tactics as the
diversification of investments or the contract of beneficial terms of treatment. In
addition, Bozarth et al. (1998) suggest that there are some uncertainties and
challenges in the international business such as exchange rate, custom and tax,
different regulation and laws regarding business, local trade protectionism.
Furthermore, Damodaran (2018) and Deligonul (2020) also assume that the economic,
political, social, legal system and property rights developments also are the significant
factor to determine the risks of international business operation.
Conclusion
In general, there are four categories of risk alleviation strategies cover risk evasion,
acceptances, diversion and restrictions. Whether it is the selection of business
structure, the requirements of legal agreements or the application of intellectual
property protection, all are ways to mitigate different risks. Among them, risk
transference and limitation is the most common way in the business operation
(D’Addario, 2013). For instance, the contract signing and partnership are typical ways
to transfer risks. And the the requirements of legal agreements and application of IP
protection are approaches to limit the risks. The business structure of limited company
is a method to both transfer and limited risks. Certainly, all the implementation of risk
alleviation strategies are required to identify and evaluate the risk firstly (D’Addario,
2013).
Section 2
Heads of agreement
The heads of agreement is made on the date of last signature below between:
1. The Good Bake (the First Party)
2. White Noise (the Second Party)
SUBJECT TO CONTRACT
Background
A. The First Party and The Second Party are interested in entering into A service agreement (the
Proposed Agreement).
B. This heads of agreement sets out the principal terms and conditions upon which Parties agree
to enter into the Proposed Agreement.
Status of heads of agreements
1.The terms in this heads of agreement are not exhaustive and are expressly ‘subject to contract’
until a final written agreement has been entered into. The terms are not intended to be legally
binding between the Parties except where specifically stated.
Timescale and notice to terminate
2.The Parties agree to negotiate in good faith with a view to signing the final written Proposed
Agreement on or before 20 February 2022.
3. Either Party may at any time, by giving notice to the other in writing, terminate negotiations
for the Proposed Agreement, without having to give any reasons for doing so.
4. The Party giving notice will not incur any financial liability to any other Party, unless it has
breached a legally binding obligation of this heads of terms as set out below.
5. Upon giving notice of termination, each Party must:
a. return all of the other party’s equipment and materials;
b. return or destroy (as directed in writing by the other party) any documents, handbooks,
CD-ROMs or DVDs, software or other information or data provided to it by the other party.
Essential pre-conditions to an agreement
6. Any Proposed Agreement between the Parties is conditional upon:
a. the Parties negotiating, drafting and agreeing the satisfactory terms of the Proposed
Agreement governed by English law;
b. the approval of and consent to the Proposed Agreement being given by (i) the Parties
(including any necessary internal, shareholder, board of directors, or partner consents, as
appropriate) and (i) any relevant third party agencies including (without limitation) any tax,
regulatory, export, certification or competition authorities. Any such approvals and consents shall
remain in full force and effect until the Agreement is signed.
7. In addition, the following are pre-conditions to the Proposed Agreement:
a. each Party, or either Party, as required, conducting, to its satisfaction, any required due
diligence and investigation of the business of the other Party and upon the other Party granting
such access for this to take place;
b. In order to fulfill the contract, The First party is required to expand production capacity by
taking on new commercial kitchens and an additional 4 employees as well as a regulatory expert
on food labeling, packaging and health & safety for the 4 sites. Meantime, lease a new delivery
vehicle or find a distribution company to deliver bakery.
Basis of Proposed Agreement
8. Under the Proposed Agreement, the First Party’s primary obligations are:
a. producing and making available a minimum of 30 units per day to the Second Party exclusively.
b. delivery to 5 x the Second Party premises each day by 6.30am.
c. subject to a minimum contract term of 12 months.
9. Under the Proposed Agreement, the Second Party’s primary obligations are:
a. ordering baked products fresh of the First Party each morning and receiving the order by 6:30
am.
b. promoting the baked products of the First Party during the term
c. respecting the intellectual property right of the recipe of the baked products of the First Party.
10.
a. unit prices to be fixed at 50% of the First Party current retail shop prices for the initial term of
the agreement with no ability to increase.
b.the total amount for the The First Party’s products will be determined by the numbers of
product The Second Party ordered, payable in cash on every week.
Confidentiality
This paragraph is legally binding.
Non-Solicitation of employees and customers
This paragraph is legally binding.
Exclusivity
This paragraph is legally binding.
Cost
This paragraph is legally binding.
Other agreement
This paragraph is legally binding.
Right and remedies
This paragraph is legally binding.
Governing law and Jurisdiction
This paragraph is legally binding.
Commencement and signature
The Parties have signed this heads of agreement on the date(s) below.
The template of the Heads of Agreement was resources from: Rocket Lawyer.
https://www.rocketlawyer.com/gb/en/interview/d579c708-70f8-4505-aed3-d89e4d6823af;page=25
;document=6de2ab6a-3f77-4a69-8b48-8aec1267fd3d [Accessed 23 February 2022].
Discussion
A Heads of Agreement is appropriately constructed and non-binding protocol which
states the critical provisions of the suggested agreement between the parties. It is
typically applied as an integral component of the negotiation procedure for a business
dealing, for instance, the acquisition of a commercial enterprise (Hayes, 2019). The
concept is that the parties agree to write a Heads of Agreement before the phase of
signing a contract and at the stage of negotiation, for the purpose of the parties
proceeding to negotiate with the participation of their solicitors and accountants and
eventually concluding a binding contract. Therefore, the content of a Heads of
Agreement generally involves: particulars of all parties involved in the formation of
the protocol; the purposes, provisions and conditions of the agreement; the characters
and obligations of each party; timetable, and provisions addressing exclusivity,
confidentiality, and the termination of agreement (Hanrahan, 2022).
The benefit of applying a Head of Agreement is that it enables the contracting parties
to outline in advance the essential provisions for the priority of negotiations. In
conjunction with this, the Heads of Agreement offers transparency and organizations
to the process of negotiation and prevent any possible or misinterpretation and
mishandling which could take place via talking, unofficial emails or online
communication (Hanrahan, 2022).
As the content of the Heads of Agreement mentioned, the obligation of each party will
be fully given in the protocol, it is the basis of the agreement. Because the clarified
and written duties will assist each party understand the responsibilities of the other
party and itself so as to decrease the possibilities of differences, and make sure the
teamwork successful. Besides, the part of confidentiality is to avoid the risk that the
unauthorized disclosure of information concerning the agreement or business products.
The purpose of the term of non-solicitation of employees and customers to evade the
risk that any party solicit customers or employees form the other party so as to result
in the loss of human resources or the market. And the solicitation of employee also
may involve the disclose of company information (Corporate Finance Institute, 2022).
Furthermore, the legal factors in a part of agreement is very essential. Nonetheless,
unlike the the parts of obligations and purposes which will be easily pondered and
mentioned in a agreement, the portion of governing law and Jurisdiction is most likely
to be neglected in an agreement. This is because every district may has different laws
and regulations, and if two parties in the agreement are two companies in different
district or different countries, then the agreement are ought to follow and be governed
by which district’s law should be clarified. Otherwise, if it is not be specified, there
are risks that the parties in a agreement may involve with lawsuits when the conflicts
occur, and cost fortune for them. This risks especially could happened in the
cross-border protocol. Hence, in the cross-border protocol, there are some factors
need to be considered. Firstly, what countries of currencies should adopt in the
transaction? Secondly, what assurances and remedies will be incorporated? Besides, a
settlement of differences provision which specifies both the procedure for settling
differences out of a tribunal and the preferable designation of any conciliator or
arbitrator (Bennett Griffin LLP, 2022).
References
Bennett Griffin LLP. 2022. Key Steps To Negotiating A Commercial Contract | Bennet
t Griffin LLP. [online] Available at: < https://www.bennettgriffin.co.uk/five-key-steps-suc
cessfully-negotiating-commercial-contract/ > [Accessed 23 February 2022].
Billomat. 2019. Public and Private Limited Company: What’s the Difference? – Billom
at. [online] Available at: < https://www.billomat.com/en/magazine/public-and-private-limit
ed-company/ > [Accessed 19 February 2022].
Bozarth, C. Handfield, R. Das, A., Stages of global sourcing strategy evolution: an ex
ploratory study. Journal of Operations Management, 16 (2–3) (1998), pp. 241-255
Chen, J., 2021. Shareholders’ Agreement Definition. [online] Investopedia. Available at:
< https://www.investopedia.com/terms/s/shareholdersagreement.asp > [Accessed 19 Febr
uary 2022].
Corporate Finance Institute. 2022. Non-Solicitation Agreement. [online] Available at: <
https://corporatefinanceinstitute.com/resources/knowledge/other/non-solicitation-agreement/
> [Accessed 23 February 2022].
D’Addario, F., 2013. Chapter 4 – Prioritizing Risk Mitigation, Influencing Global Risk
Mitigation, Elsevier, Pages 47-58, ISBN 9780124172333.
Damodaran, A., Country risk and company exposure: Theory and practice
Journal of Applied Finance, 13 (Fall/Winter) (2003), pp. 64-78
Deligonul, S.,2020. Multinational country risk: Exposure to asset holding risk and oper
ating risk in international business, Journal of World Business, Volume 55, Issue 2, 10
1041, ISSN 1090-9516.
Gov.uk. 2022. Intellectual property: Patents – detailed information – GOV.UK. [online]
Available at: < https://www.gov.uk/topic/intellectual-property/patents > [Accessed 19 Feb
ruary 2022].
Hanrahan, G., 2022. What is a Heads of Agreement and are they legally binding?. [o
nline] Turnbull Hill Lawyers. Available at: < https://www.turnbullhill.com.au/articles/wh
at-is-a-heads-of-agreement-and-are-they-legally-binding/ > [Accessed 23 February 2022].
Hayes, A., 2022. Heads of Agreement: What You Need to Know. [online] Investopedi
a. Available at: < https://www.investopedia.com/terms/h/headsofagreement.asp > [Access
ed 23 February 2022].
Horton, M., 2021. Which terms should be included in a partnership agreement?.[online]
Investopedia. Available at: < https://www.investopedia.com/ask/answers/041015/which-te
rms-should-be-included-partnership-agreement.asp > [Accessed 19 February 2022].
Howell, J., 2017. Memorandum and articles of association for UK limited companies.
[online] Quality Formations Blog. Available at: [Accessed 19 February 2022].
Infoentrepreneurs.org. 2022. Negotiate the right deal with suppliers. [online] Available
at: < https://www.infoentrepreneurs.org/en/guides/negotiate-the-right-deal-with-suppliers/ >
[Accessed 23 February 2022].
Legaldocs, h., 2022. Private Limited Company VS Public Limited Company – LegalDo
cs. [online] Legaldocs.co.in. Available at: < https://legaldocs.co.in/blog/private-limited-co
mpany-vs-public-limited-company > [Accessed 19 February 2022].
Prakash, A., Sarma, P., Kumar, S., & Medhi, B. (2018). Intellectual property rights an
d Indian pharmaceutical industry: Present scenario. Indian Journal of Pharmacology, 50
(2), 57–60. https://doi-org.ezproxy.umary.edu/10.4103/ijp.IJPpass:[_]320_18
Rapid Formations Blog. 2021. Limited company advantages and disadvantages. [online]
Available at: < https://www.rapidformations.co.uk/blog/limited-company-advantages/ >
[Accessed 23 February 2022].
Staunton, G., 2022. What’s the difference between Limited by shares or Limited by g
uarantee?. [online] Haines Watts Group. Available at: < https://www.hwca.com/accounta
nts-london/opinion/unpicking-the-differences-between-companies-limited-by-shares-and-limi
ted-by-guarantee/ > [Accessed 19 February 2022].
Wipo.int. 2022. WIPO: Intellectual Property for Business. [online] Available at: [Accessed 19 February 2022].
BEMM386 Reassessment brief
Individual Risk audit and commercial scenario
This module covers a range of legal and commercial risk factors you will need to navigate when
setting up, growing and maturing a business. Your task in this assessment is to respond to both your
own situation and a scenario. You are expected to explore relevant literature to identify important
factors that may determine risk and outcomes.
Part 1.
Setting up your own business. You have a product or service past the development stage and you are
ready to go to market. What legal and commercial risk factors have you already considered and
taken up to this point and what will you need to consider now to set up the business formally.
–
Consider the legal structure you will/are using and why?
–
What legal agreements will you/do you have in place?
–
What IP sits within the business and how will/have you protected it?
Part 2.
You will be given a scenario of a business post revenue with its first major buyer showing interest
following your approach. Set out all of your key commercial terms in a heads of agreement and
discuss the major risk factors and your approach to address them.
% of Credit:
100%
Word count:
3,500 words +/- 10%
Marking Criteria
Mark
(Fail/Condonable Fail)
(Pass)
(Merit)
(Distinction)
Weighting
Marking Criteria
70
% of total
mark
Knowledge
&
understanding of subject:
an
Demonstrates
a
1. Forming and organizing Demonstrates knowledge Demonstrates
systematic
a business
of the field and awareness acceptable knowledge
knowledge,
of current evidence and and understanding of
understanding
and
the different types of
issues, but with some
business and models and awareness of the
notable weaknesses different types of model
why this is important.
lacks knowledge and
and the financial and
understanding of some
logistical implications
key areas
Produces work of
15%
excellent standard,
reflecting a very high
knowledge and
understanding of material
– displays exceptional
mastery of the subject
space with some new
insights.
Demonstrates knowledge Demonstrates
an
of the field and awareness acceptable knowledge
of the different types of IP, and understanding of
but with some notable
the different types of IP
weaknesses – lacks
and how these are
knowledge and
applied within business.
understanding of some
key areas
Produces
work
of 15%
Demonstrates a
systematic knowledge, excellent standard,
standard, reflecting a
understanding and
critical awareness of the very high knowledge and
role different types of IP understanding of material
– displays exceptional
and data play within a
mastery of the subject
business.
space with some new
insights.
3. Funding and business Demonstrates some
Demonstrates
an
knowledge of the field and acceptable knowledge
life cycle
awareness of current
and understanding of
evidence and issues, but the role of resources
with some notable
available at different
weaknesses – lacks
stages of a business life
knowledge and
cycle.
Produces work with a Produces work of
10%
well-defined
focus excellent standard,
Demonstrates
a reflecting a very high
systematic
knowledge, knowledge and
of
understanding and critical understanding
displays
awareness of the role of material
resources, financial and exceptional mastery of
the subject
otherwise available
2. Intellectual Property
understanding of some
key areas
at different stages of a
business life cycle.
space with some new
insights.
Produces work of
Produces work with a
10%
excellent standard,
well-defined focus
reflecting a very high
Demonstrates a
systematic knowledge, knowledge and
understanding of material
understanding and
– displays exceptional
critical awareness of
mastery of the subject
different international
markets with examples, space with some new
insights.
key areas.
applies knowledge to
scenario.
5. Commercial Contracts Demonstrates some
Demonstrates
an Produces work with a
Produces work of
25%
knowledge of the field and acceptable
excellent standard,
and Negotiation
knowledge well-defined focus
awareness of current
reflecting a very high
and
understanding of Demonstrates a
evidence and issues, but the key legal and systematic knowledge, knowledge and
with some notable
understanding of material
commercial terms within understanding and
weaknesses – lacks
awareness of legal and – displays exceptional
a commercial contract
knowledge and
commercial terms within mastery of the subject
and applies knowledge to
understanding of some
a commercial contract, space with some new
a
logical conclusion their practical
key areas
insights.
within the scenario.
implications and applies
4. International Markets
Demonstrates
an
Demonstrates some
knowledge of the field and acceptable
knowledge
and
awareness of current
evidence and issues, but understanding of
the different
with some notable
considerations and risk
weaknesses – lacks
factors in international
knowledge and
trade
understanding of some
knowledge to a logical
conclusion within the
scenario.
Provides evidence of
Cognitive/Intellectual skills Some appropriate
analysis, but some
relevant and sound
and ability to synthesis
significant inconsistencies analysis of
knowledge and
entrepreneurship
understanding to create a which affect the
coherent discussion and soundness of argument (independent or
and/or conclusions corporate), with some
argument.
demonstrates very limited ability to evaluate
critically – is able to
critical ability
analyse complex issues
and make appropriate
synthesis
Writing style, structure, Hard to follow or
grammar, and referencing. understand, with references
poorly chosen and
incorrectly formatted and
used.
Is able to evaluate
critically and, deal with
complex issues both
systematically
and
creatively, making a
sound synthesis
A reasonable structure Easy to follow &
understand. A few minor
and use of language,
instances of formatting
with some errors in
grammar, vocabulary & errors, typos or
grammatical
referencing,
inaccuracies.
Shows an excellent ability 15%
to deal with a range of
complex issues both
systematically and
creatively, presenting an
advanced synthesis,
putting forward new
ideas.
Clearly and lucidly
10%
expressed, with no errors
in language, grammar or
referencing.
Total 100%
