Ethical practices at this stage will not only protect against fraud or intentional misconduct but also lends itself to better contracts overall since proper ethics will help ensure both parties understand their rights and obligations while making them more likely to keep commitments they've made once a deal has been finalized. Furthermore, ethical behavior during negotiations can set expectations early on regarding how future disagreements should be handled if they arise (i.e., through mediation instead of litigation). Recent news concerning government officials using private jets or government planes rather than commercial airlines highlights just how important it is for public officials to demonstrate ethical conduct when entering into agreements with companies or other governments entities. These types of arrangements may provide financial benefits for those involved but could lead to issues such as preferential treatments given based upon political connections versus merit-based decisions which could be viewed as unethical . Therefore ,it’s critical that these kinds of deals have measures such as transparency protocols built into them from the start so there’s no question about who’s getting what out of the agreement – including ensuring that any taxpayer money being spent is used wisely . Additionally ,government regulations should require full disclosure whenever possible related to deals entered into by public officials which would go a long way towards reducing any perception of impropriety stemming from these types transactions. All in all, ethical considerations play a key role in contract management due to their ability to help create well-crafted agreements while protecting against both intentional misconduct and unintentional consequences caused by conflicts between legal requirements/regulations versus personal values/interests held by individuals involved in contracting processes

Sample Solution

Ethics is an important component of contract management, as it governs the manner in which contracts are drafted, negotiated, and executed. It requires that all parties involved in a contract adhere to certain principles of fairness and responsibility. In particular, it requires that each party be honest about their intentions and interests when drafting and negotiating the agreement; disclose any potential conflicts of interest; act with integrity throughout the entire process; abide by applicable laws; ensure equitable treatment for all parties involved; and exercise good faith in fulfilling contractual obligations.