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Dispute Resolution of International Business transactions - Coggle Diagram
Dispute Resolution of International Business transactions
Avoid Business Disputews
Build trust
Seek out legal councils
Long term business relationships
Arbitration
Parties agree
May not withdraw once agreed
More formalized
Done privately
Advantages
It's procedural
Disadvantages
Discovery limited
limited to approach courts
Still expensive
No procedural value
Limited right to appeal
Cost effective
Choice to choose arbitrator
Courts enforce arbitration
Alternative Dispute resolutions
Cheaper
more efficient
Faster
Mediation
Parties agree
Done Privately
Impartial mediator
Parties reserve the right to seek arbitration
Litigation
Diccovery of evidence
Trail by jury
Court case
Issue of damages
Right to appeal
Legal systems
Substantive law
Jurisdiction
Venue
Conflict of laws
location of subject matter
Place of contracting