In the previous Discussion Board, revenue generating activities were discussed involving countries not adhering to the United Nations platform of Convention on Contracts for the International Sales of Goods (CISG). Regardless of whether the foreign country has accepted this platform or not, ultimately from time to time, disputes regarding business activities are going to take place. Therefore, what are the legal remedies that national and international businesses can rely on to seek some sort of restitution?
Using the Internet and the library, select two countries of you choosing, and research their laws and regulations pertaining to the settlement of disputes that arise through business transactions.
Address the following questions:
What are the benefits of utilizing the negotiation process first?
How much power and authority could the WTO enact during this process?
What are the implications of choosing private law to seek ratification? Explain.
What are the ramifications of choosing the governing law? Explain.
Dispute solving is often included in any agreement in which countries have signed to abide by. This is often so in order to find effective ways that can resolve arising disputes and problems effectively and efficiently without making the stipulations of the agreement any weaker. This paper analyzes the laws and regulations in Thailand and the United states pertaining to the settlement of disputes that arise through business transactions. It does this by looking at benefits of utilizing first the negotiation process, looking at the power and authority WTO could enact during this process, the implications of choosing private law to seek ratification and the ramifications of choosing governing law.
Benefits of utilizing the negotiation process first:
The negotiation strategy is the most significant factor in any dispute resolution between countries and in fostering successful international business relations. Cultural values between different countries can dramatically influence negotiations in significant proportions from start to end. It is therefore imperative that critical success factors to effective negotiations to a particular culture be well understood. In a negotiation Thai negotiators value long term relationships where as the United States negotiators seek to sign contractors. The Thai legal system is based on code or civil laws unlike the US law which is common or case law. Despite the cultural and legal system differences between these two, the benefits of utilizing the negotiation process first are numerous. These include: strengthening relationships between the disputing ...
The solution discusses the CSIG and what are the legal remedies that national and international businesses can rely on to seek some sort of restitution.