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Legal Ethics and Issues

In: Business and Management

Submitted By Friday13
Words 545
Pages 3
Legal Ethics & Issues Assignment
Melchar Polk
LAW/421
September 30, 2013
Professor Michael Carrozzo

To be successful in conducting international business transaction it is imperative to have a real good written contract. Generally, contracts are the most common method that is being utilized by any type of businesses. When conducting a business transaction internationally, the contract clause must be very precise. It is extremely significant not only to spell out the rights of each party, their duties and responsibilities, but more importantly what process to be followed in case of a dispute. Some examples of dispute resolution clause are, what law governing the contract and dispute; what procedure to be followed; what method of resolution like arbitration or litigation - for arbitration, the complete process including constitution of the tribunal, applicable procedure, venue and language, and for litigation, the jurisdiction of the courts.

It was mention in our simulation that it is a must to ensure the contract, which forms the basis of the agreement, is legally enforceable. The contract drafted must protect the company’s interest in the foreign country against all eventualities. Besides the legal aspects of international business, it is also important to consider the cultural and ethical differences inherent in such business transactions.

CadMex should put into a consideration that, once you've licensed your asset, unless the contract specifies restrictions and conditions related to marketing, advertising and sales, you have little or no control over how the second party sells your product. Licensers sometimes feel the licensing company doesn't understand or that it disregards or misrepresents the product. Internal conditions in the second-party company can adversely affect the marketing campaign (Gleeson, 1999-2013).

According to our...

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