Law 421
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Addressing International Legal and Ethical Issues Simulation Summary
Syreeta Gaither
LAW/421
May 27, 2015
CHRISTOPHER LEOPOLD
Addressing International Legal and Ethical Issues Simulation Summary
There are several things a company must be aware of when conducting international business. This can be considered a slightly more daunting task than your local commerce. Several factors must be considered such as knowledge of local laws, cultural differences, international laws, and any political situations that can come up.
Resolving legal disputes in international business transactions require understanding of the substantive law, the political system, and the cultural habits of the foreign nation. Contract agreements that include the Choice-of-Law Clause and Forum Selection Clause such as in the simulation of CadMex (University of Phoenix, 2015), will ensure adherence of both parties to dispute resolutions especially when legal requirements may not be compatible.
Negotiations, arbitration and mediation dispute resolutions ensures proper image of both firms. Litigations with foreign companies are not only costly and time consuming but will have a much weaker chance of winning, especially if the litigations are conducted through the foreign court systems as agreed upon in the example of the simulation (University of Phoenix, 2015).
Two factors that could have worked against CadMex in granting sublicensing agreements to other firms to producing urgently needed medicine for a nation facing an epidemic (University of Phoenix, 2015). The first would have been financial related, and the remedy to that was to negotiate financial compensation. The second would have been to risk the entire contract being revoked by Gentoura, which could have been the case if they were forced to enter into sharing marketing rights of another drug.
The local customs of the employees performing the tasks should prevail. Respecting religious beliefs and culture is part of the...
Syreeta Gaither
LAW/421
May 27, 2015
CHRISTOPHER LEOPOLD
Addressing International Legal and Ethical Issues Simulation Summary
There are several things a company must be aware of when conducting international business. This can be considered a slightly more daunting task than your local commerce. Several factors must be considered such as knowledge of local laws, cultural differences, international laws, and any political situations that can come up.
Resolving legal disputes in international business transactions require understanding of the substantive law, the political system, and the cultural habits of the foreign nation. Contract agreements that include the Choice-of-Law Clause and Forum Selection Clause such as in the simulation of CadMex (University of Phoenix, 2015), will ensure adherence of both parties to dispute resolutions especially when legal requirements may not be compatible.
Negotiations, arbitration and mediation dispute resolutions ensures proper image of both firms. Litigations with foreign companies are not only costly and time consuming but will have a much weaker chance of winning, especially if the litigations are conducted through the foreign court systems as agreed upon in the example of the simulation (University of Phoenix, 2015).
Two factors that could have worked against CadMex in granting sublicensing agreements to other firms to producing urgently needed medicine for a nation facing an epidemic (University of Phoenix, 2015). The first would have been financial related, and the remedy to that was to negotiate financial compensation. The second would have been to risk the entire contract being revoked by Gentoura, which could have been the case if they were forced to enter into sharing marketing rights of another drug.
The local customs of the employees performing the tasks should prevail. Respecting religious beliefs and culture is part of the...