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Regulatory Requirements

An entrepreneur, while managing his business has to take into account the basic regulatory requirements for his organisation. These regulatory requirements ensure that the organisation is functioning as per the statutory framework of the country. The most important regulation is the Indian Contract Act,1872, which regulates all the transactions of a company. It lays down the general principles relating to the formation and enforceability of contracts; rules governing the provisions of an agreement and offer; the various types of contracts including those of indemnity and guarantee, bailment and pledge and agency. It also contains provisions pertaining to breach of a contract. The next important regulation relates to quality management by a firm. Bureau of Indian standards has been set up by the Government for enforcement of quality standards in the country. BIS has adopted the ISO 9000 standards set up by International Organization for Standardization(ISO) for quality control. The ISO 9000 series is among ISO's most widely known standards ever. It provides a framework for quality management throughout the processes of producing and delivering products and services for the customer. BIS also provides certification against IS/ISO 9001:2000 under its Management Systems Certification activity. An organization can obtain a licence under the Quality Management System Certification (IS/ISO 9001:2000) Scheme/QMSCS of BIS. The scheme covers a wide range of industry and service sectors including engineering, chemicals, pharmaceutical, cement, ceramics, food, textiles, automotives, mechanical, metallurgical, electrical, electronics, aeronautics, hospitals, financial, banking services, construction, hospitals, wholesale & retail trade, education& training, hotel, power, printing, telecommunications, testing laboratories and information technology. A sound quality control mechanism ensures that a firm produces products that match international standards and thus boost the growth of the firm.

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