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Resolution of commercial disputes - Coggle Diagram
Resolution of commercial disputes
Meditation: a voluntary, non-binding conciliation process.
Arbitration: A more formalized process, and it results in a binding award that the courts in many countries will enforce. The parties must agree to arbitration, but once they do, they cannot withdraw. Most commercial nations today have laws permitting arbitration and recognizing arbitration awards.
Advantages of arbitration
Permits the resolution by a third "neutral" party/country
The arbitrator may be chosen
Rules of the arbitrating organisation
Procedural advantages
Cost effective
Right to appeal is limited
Disadvantages of arbitration
Still expensive
Losing party has limited right to appeal
Discovery is limited
Relaxed procedural rules
Limit rights to approach court
Selection of arbitrator
No precedential value
Litigation: A case (called a suit or lawsuit) is brought before a court of law suitably empowered (having the jurisdiction) to hear the case, by the parties involved (the litigants) for resolution (the judgment).
Jurisdiction: Power of a court to hear and decide a case.
Key concepts:
Venue: Geographical location of a court of competent jurisdiction.
Territorial: The power of a court to hear and decide a case is said to be that of a "competent" court.
In rem: power over property within its geographical boundaries
Subject matter: jurisdiction over certain types of cases, like torts or contracts.
In personam jurisdiction (Jurisdiction over the person): courts power over certain individual or corporation.
Jurisdiction in China: Nonresident defendant must have a meaningful connection to China
Jurisdiction in the Internet Age