International Disputes
When business internationally issues settling legal disputes international transactions. What practical consideration taking legal actions a foreign business partner-based country? Which laws precedence.
Dealing with conflict in the new global economy
The rise of the new global economy has generated profits for many enterprises because of the connections it has fostered. However, in addition to the positive benefits of international agreements, there has also been a rise in international disputes. "As international commerce increases, so does the volume of international business disputes…new inbound and outbound foreign investment surpassed previous levels. Some of these deals will fail, and not all contracts will be performed as planned" (A new way to resolve international business disputes in Illinois, 2013, CIDRA). Two of the most common methods of dealing with international disputes between business entities are international litigation and international arbitration. Litigation has certain superficial advantages, from the point-of-view of a firm: "judges are mostly independent, filing fees are much less than arbitration fees, and one has the right to appeal" (Aliment 2009: 12). So why do so many international firms prefer arbitration? The difficulty in determining which laws should preside in a dispute between parties from different nations has caused a shift in the international business community in favor of arbitration. This paper suggests that arbitration is the most effective solution to legal problems between business entities from different nations, when it is unclear which laws of the land apply.
First and foremost, there may be a substantive legal conflict between the laws of the business' home country, with which it is familiar, and the laws of the foreign business partner. This lack of cultural legal fluency can make arbitration, where the negotiating partners set mutually-agreed upon terms for one another, seem preferable to litigation. Even between two relatively similar nations such as say, France and the United States, there are many legal differences governing business. The French justice system is underlined by a different conceptual foundation -- it is inquisitorial or fact-finding rather than adversarial like the U.S. And it is also bound by regulations governing the EU, unlike...
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