Eco 365 Addressing International Legal and Ethical Issues
When addressing a legal dispute in international transactions views in changes in legislation, clashes of interest and ethical dilemmas must be taken into consideration and acknowledging of the local culture is also paramount to a successful solution to a legal dispute. One practical consideration is to implement an A D R in case a legal action is necessary; it’s less costly and expeditious than settling in local courts and both parties may suffer less red tape when dealing with governments that may or may not be impartial to the parties involved. Another issue to consider is whether or not Gentura will grant sublicensing agreement rights to CadMex, which if this is the case may affect the outcome of the negotiations. By not allowing the local law to prevail (giving an unfair advantage to the international party), conflicts can be decided by the International Arbitration in order to create a fair environment for both companies/countries. In comparing the issues of this simulation to the domestic legal issues in Week One readings, no comparison can be made because domestic legal issues depend on their local laws and if required, Federal laws, both having to do with the United States laws or not that of international nature. Companies will benefit more by separating their domestic and international business. This was there can be no confusion as to which law will be applied to any legal issue that may arise.
In summary, whether a business is a domestic or international based the rules of the game have to be clearly defined. By not doing so, the success of any venture is doomed to fail and with good reason. Extensive knowledge of the field chosen to do business is fundamental and when disputes arise the parties involved have to know that their interests are being represented in an equitable manner. Good reputation and good business practices are good traits for businesses to ensure compliance with laws which can be local or international. It is imperative
In summary, whether a business is a domestic or international based the rules of the game have to be clearly defined. By not doing so, the success of any venture is doomed to fail and with good reason. Extensive knowledge of the field chosen to do business is fundamental and when disputes arise the parties involved have to know that their interests are being represented in an equitable manner. Good reputation and good business practices are good traits for businesses to ensure compliance with laws which can be local or international. It is imperative