Introduction
For project managers, it is essential that they abide by the Project Management Institute (PMI) guidelines and relegations because they promote responsibility, respect, fairness, and honesty as far as project management is concerned. In this regard, it is crucial to consider such laws and regulations as the PMI Coe Of Ethics and Professional Responsibility, Uniform Commercial Code (UCC), Federal Acquisition Regulations (FAR), and The Contract Law.
The PMI Code of Ethics and Professional Responsibility
The Code of Ethics and Professional Responsibility (Conduct) is the stipulation that holds all PMI members and practitioners in whatever capacity to the ethical requirements of honesty, responsibility, respect, and fairness (Larson & Gray, 2015) . It stresses on ethics as being the driving factor in making the best possible decisions as far as the people, resources and the environment in question are concerned. It is vital to PMI because it upholds the ethical decisions and considerations that play a significant role in the diminishing of potential risks, advances positive results and increases trust to ensure that long-term success and reputation is built and maintained in practice.
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The Uniform Commercial Code (UCC)
The UCC is a uniform act that was put up by federal laws to oversee and stipulate the law of sales and other similar commercial transactions across America. As far as project management is concerned, the Uniform Commercial Code plays a significant role when it comes to the application of the concept of accord and satisfaction in handing project invoices and payment operations (McDowell, 2000) . This is more particularly the case in managing such projects as in the construction industry in which contract payments and the purchase of tools and equipment are disputed. The UCC comes in handy in issues that involve the purchase and sale of goods. It creates a clear guideline on the methodology to follow to settle such disputes by ensuring the parties involved remain aware of the legal ramifications of these transactions.
The Federal Acquisition Regulations (FAR)
As far as project management is concerned, the FAR system sets the rules that govern and control the government procurement procedures in America. In other words, this system oversees the acquisition, either the purchasing or leasing, of goods and services by contract with the appropriated funds. It governs how executive agencies issue federal project contracts by following the three main phases of the system, that is, the recognition of the need and the acquisition planning, the formation of the deal, the administration of such a contract (McDowell, 2000) . By guiding the process of federal project contracts acquisitions, the FAR system ensures that projects managers, teams and organizations adhere to the given rules, and meet the specific criteria and requirements before they are awarded the project contracts. Additionally, FAR is responsible for laying down measures to answer to, or aid in response to any issues that may arise during the project contract.
The Contract Law
The Contract Law comprises a body of laws which relate to the marketing and enforcing agreements of a contract. In project management, the Contract Law is responsible for laying down the rules and regulations that govern the project contracts by governing the making of the contract itself, how it is carried out, and fashions an equitable remedy when there is a breach of the deal (Vee & Skitmore, 2003) . When it comes to managing projects, it is essential that each party involved understands the role it plays. The Contract Law follows up on each party to ensure it delivers its end of the bargain. This facilitates insurance and compensation agreements that protect the rights and interests of a project contract party should the other party fail to deliver in its duty. To ensure this, the Contract law considers the four parts of a project management contract; the offer, acceptance, consideration, and the mutual intent to enter into the agreement to ensure clarity between the two parties.
References
Larson, E. W., & Gray, C. F. (2015). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide . Project Management Institute.
McDowell, B. (2000). Ethics and excuses: The crisis in professional responsibility . Greenwood Publishing Group.
Vee, C., & Skitmore, C. (2003). Professional ethics in the construction industry. Engineering, Construction and Architectural Management , 10 (2), 117-127.
