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RESOLUTION OF COMMERCIAL DISPUTES, References : Principes of Business 1.2,…
RESOLUTION OF COMMERCIAL DISPUTES
Alternative Dispute Resolution
Faster, cheaper and more efficient than litigation
Mediation = voluntary & non-binding; Arbitration = Formalized and binding
Parties must agree to arbitration
Jurisdiction
In personam jurisdiction = courts power over a certain individual of corporation
Internet is leading to new jurisdictional issues
= Power of a court to hear and decide a case
Venue = geographical location of a court of competent jurisdiction where a case can be heard
Conflict of Law
= rules by which courts determine which state or country's law will apply to a case and how to reconcile differences between laws
Foreign Courts
Foreign countries enforce the judgments of US courts
US courts honor the judgments of foreign countries
Forum Non Convenience
Whenever a case maybe heard in more than one jursidiction, it should be heard in the location that is most convenient
Forum Selection Clause
Choice of law = provision that stipulates which country's law will apply in interpreting the contract or enforcing its terms
= Provision in a contract that fixes in advance the jursidiction in which any disputes will be litigated
Litigation
Litigations from foreign countries prefer American courts to hear their cases
Final step in attempting to resolve dispute
References : Principes of Business 1.2, 2020, Schaffer, Augusti & Dhooge