Charles Handy thought for the day on differing cultural perceptions of contracts. Handy begins the article describing how British models for establishing business contracts fundamentally differ from other cultures of the world, such as Singapore and China, in terms of how formal contracts are perceived. For Handy and his Western background, making a deal means trying to gain as much advantage as possible for one's own interests, while for the Chinese, the best and legitimate deals are only those in which both parties come away from bargaining equally satisfied. He concludes his analysis by stressing that compromise and understanding another's needs ultimately makes good business sense.
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