The Peter Principle states that employees rise up the firm’s hierarchy through promotion until they reach a level of appropriate incompetence.
As a result, in accordance with the Peter principle, each position in a given hierarchy will eventually be filled by employees who are incompetent to perform the duties of their respective positions.
A possible solution to the problem posed by the Peter principle is for companies to provide adequate training for the skills of employees who are promoted and ensure that the training is appropriate for the position they have been promoted to.
Force majeure - a clause that is included in contracts to remove liability for unforeseen and inevitable disasters that violate the expected course of events and prevent the participants from fulfilling their obligations.
Garden leave is a transitional period for employees who give or receive notice of termination, leaving them on the payroll but away from the workplace.
Bargaining means to negotiate the price of a good or service until a mutually agreed price is determined.
Bargaining is a method in which two or more parties make consecutive offers and counter offers until an agreement is reached.