University of Phoenix - ####### Learning Center
Upon completion of the University of Phoenix simulation "Addressing International Legal and Ethical Issues," I have outlined below several concerns that must be addressed prior to entering into any legally binding business contracts with international organizations. Prior to entering into international contractual business agreements it is important to take into consideration the rules and laws of all countries that are to be bound by those agreements, as well as any multinational governing bodies such as the WTO. Among the many issues that should be considered include the political stability of the countries involved, copyright and patent protection laws, economic issues including pricing policies and taxation, employment laws and regulations, ethical and cultural diversity matters, and environmental concerns.
Outlining strict dispute resolution guidelines in advance avoids additional pressure on all parties if future conflicts do arise. Careful research of the laws of the countries bound by the agreements is imperative. However, even in the most well thought out contracts, when dealing with other cultures it is important to tread very lightly when bringing up any disputes. Any clash could result in losing the agreement with that country completely. Disputes must be discussed openly with all involved parties, several solutions must be explored, and all cultural differences must be taken into account.
Once all parties discuss the dispute, and any necessary action is taken, hopefully a smooth resolution can be obtained. If not, the contract will direct how to proceed, whether by referring the matter to the WTO Dispute Settlement Body, utilizing alternative arbitration services, or in extreme cases settling the dispute in the courts of a pre-determined country....