Addressing International Legal and Ethical Issues Simulation SummaryAddressing International Legal and Ethical Issues Simulation Summary
1. What are the issues involved in resolving legal disputes in international transactions? The issues involved in resolving legal disputes in international transactions include but are not limited to the signing of contracts designed to protect both parties, choice of clause, which forum to use when settling a dispute and if arbitration, if used, will be binding or nonbinding. Something else to think about when resolving legal disputes in international transactions would be to gauge when the government stands in the legal proceedings and to find out if the particular countries government can overrule any decisions made by the companies. Other issues would include the political situation, dominant international laws and cultural issues that would influence the achievement or disappointment of the business venture. 2. What are some practical considerations of taking legal action against a foreign business partner based in another country? Some practical considerations of taking legal action against a foreign business partner based in another country include looking out for the best interest of the company your represent as well as future business ventures with the company or country you are in business with. One would also have to take into consideration economic, legal, and ethical associations. The economy of the country that you are contracted with may have ulterior motives in the business arrangement. There may be something that they are benefiting from that you are not. The legal issues may or may not coincide with the legalities of the company that you represent. To deal with that one must state clearly in the said contract where each party stands. Also the ethics of taking legal action, there are many differences in culture and religion that may or may not arise, if they do happen to arise reasonable...
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