Question

An Architect with a local architecture firm paid $6,000 to

hospital administrators as an "incentive" to secure a hospital
contract for them to build a new wing for the hospital which was to
be bui

Answer 1

In this scenario, an architect paid an incentive to hospital administrators to secure a hospital contract. This act is considered bribery and can have legal and reputational consequences in the business world.

Step-by-step explanation:

An Example of Bribery in Business:

In this scenario, the architect paid an incentive of $6,000 to hospital administrators to secure a hospital contract to build a new wing. This act can be considered bribery, which is the act of offering money or gifts to influence someone's decisions or actions. Bribery is an unethical practice that undermines fair competition and can have legal consequences.

The Consequences of Bribery:

Bribery is considered illegal in many countries and can carry severe penalties. In addition to legal consequences, bribery can damage a company's reputation and lead to a loss of trust from clients and stakeholders. It also distorts fair competition and undermines the principles of integrity and transparency in business.

Preventing Bribery in Business:

To prevent bribery, businesses should establish strong ethical standards and codes of conduct, provide anti-bribery training to employees, and enforce strict policies against bribery. It is important to promote a culture of integrity and transparency within the organization and encourage employees to report any suspicious activities related to bribery.