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Chapter3Outline - 02:20 cannotbeoverstated;,

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Resolving International Commercial Disputes 02:20 Avoiding Business Disputes—the contract is the basis of any bargain and its importance  cannot be overstated; if and when a dispute arises, the terms of the contract provide the  basis for dispute resolution  Cultural Attitudes toward Disputes—Americans are litigators/combative, Asians seek  amicable settlements Methods of Resolution—mediation, arbitration, litigation Alternative Dispute Resolution—usually offers a faster, cheaper, and more efficient  alternative to resolving international commercial disputes than litigation; requires parties  to voluntary submit to the resolution process Mediation—voluntary, nonbinding, conciliation process Parties agree on impartial mediator who helps them amicably reach a solution Parties reserve all legal rights to resort to binding arbitration or litigation Arbitration—more formalized process resulting in a binding award that will be enforced  by courts of law in many countries  May permit the resolution of the case in a third "neutral" country, rather than in the  country of one of the parties Arbitrator may be chosen by the parties from a roster of impartial industry experts or  distinguished lawyers, who may also be from a third country The case may be resolved using the impartial and straightforward rules of the arbitrating  organization, rather than procedures buried in the statutes or rules of a court of the  country of one of the parties Arbitration rules—the rules of arbitral tribunals that address issues such as the  qualification and appointment of arbitrators, the conduct of proceedings, procedures for  finding the facts and applying the law, and the making of awards Advantages of arbitration: Pretrial discovery is faster—less expense and delay Process is private Arbitration and attorney fees are cheaper Rules for evidence admissibility is more flexible Party's right to appeal is more limited  *arbitration is still not cheap 5% of a $1 million case
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13% of a $100,000 case National Arbitral Laws The British Arbitration Act—1996 Arbitration Law of the People's Republic of China—1994 The laws of many countries, such as China, Russia, Mexico, and Canada, were  patterned after the 1985 Model Law on International Commercial Arbitration of the  United Nations Commission on International Trade Law (UNCITRAL) Arbitration Bodies—page 81 Provide dispute resolution between private parties and national governments: International Centre for Settlement of Investment Disputes (ICSID) Permanent Court of Arbitration at The Hague ICC uses its own rules, but most other bodies follow the rules set forth by UNCITRAL
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