CRITICAL DEVELOPMENTS IMPACTING FRANCHISE BUSINESSES IN 2021

[...]franchisors and franchisees continue to need to determine which of the operational changes made to combat COVID-19 should remain in place and evaluate their contractual remedies under supply chain contracts to eliminate or reduce liability and seek replacement sources of supply. Smart contracts...

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Bibliographic Details
Published inFranchising World Vol. 53; no. 2; pp. 37 - 39
Main Author Mazero, Joyce
Format Trade Publication Article
LanguageEnglish
Published Washington International Franchise Association 01.04.2021
Subjects
Brand loyalty
Coronaviruses
COVID-19
Customers
Defective products
Food products
Franchisees
Franchises
Insurance coverage
Postal & delivery services
Restaurants
Suppliers
Supply chains
Third party
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Summary:[...]franchisors and franchisees continue to need to determine which of the operational changes made to combat COVID-19 should remain in place and evaluate their contractual remedies under supply chain contracts to eliminate or reduce liability and seek replacement sources of supply. Smart contracts automatically execute and confrm "if, then" obligations (e.g. exchanging performance for payment) including, for example: * To pay on a given date, depending on a level of turnover or sales volume * To confrm products have been delivered, certifed and accepted for import/export purposes * To spot a defective product and isolate adulterated food products so that damaging circumstances can be rectifed in real time An enterprise smart contract is the composition of all of its parts, which increases efciency and transparency across the supply chain. Other tensions arise out of restaurant companies' insufcient insight into their customers' experience with the delivery service, such as the inability to promptly deal with customer complaints and difculties in monitoring the delivery company's compliance with quality assurance standards for food products and services.
ISSN:1041-7311