StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

International Agreement of two companies - Coursework Example

Comments (0) Cite this document
Summary
Law No: Date: University: Scenario: George Ltd is a plumbing firm in London. It has entered into a five year agreement with the Malaysian company CheapStock Corp. for the supply of toilet flushes. Their contract contained the following term:  Any disagreement or dispute between the parties is to be settled by arbitration.  A year after the signature of the contract, George Ltd wishes to terminate the agreement due to changes in the business environment…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.6% of users find it useful
International Agreement of two companies
Read TextPreview

Extract of sample "International Agreement of two companies"

Download file to see previous pages The decision of arbitrator is binding and easy to implement. CheapStock Corporation and George Limited are engaged in an agreement for five years. According to the contract, the involved parties should ask for arbitrator’s involvement if there is some dispute or disagreement. George Limited soon after a year wanted the termination of the agreement, which is regarded as a violation of the agreement by CheapStock due to which, suitable arbitration process is required. This paper includes a number of laws related to breach, termination of agreement and arbitration. Basis of Arbitration Arbitration is consensual: Arbitration process can be implementable if both parties agreed on it. In order to resolve the issues through arbitration, the parties at the time of agreement includes arbitration clause in it. The parties in disputes may refer the matter to arbitrator by submission of agreement executed between them. No one can withdraw from arbitration unilaterally1. The parties choose the arbitrator: Under the Arbitration rules parties can chose sole arbitrator to settle the disputes. Arbitration is neutral: The applicable law, language and venue of the arbitration is utmost important. Arbitration is a confidential procedure: In specific circumstances, the Rules empower a party to restrict access to its trade secrets or other confidential information to the arbitral tribunal or its advisor. The decision of the arbitral tribunal is final and legally enforceable by both sides2. Merits and Demerits of Arbitration Merits of arbitration are a) if the disputed matter is highly technical, arbitrators should have an expertise to deliver b) it is faster than the court proceedings c) cheaper and flexible d) its proceedings can be made confidential e) here language of arbitration can be chosen, whereas in judicial proceedings it cannot be chosen f) easily enforceable g) it limits the duration of the dispute and associated liability3. Demerits of arbitration are i) highly complex ii) in case arbitration is mandatory and binding, the parties deprive their rights to access the courts iii) ambiguous decisions cannot be reverted since limited scope for an appeal iv) fewer enforcement options than judgments in other legal systems v) not directly enforceable4. Arbitration Agreement In theoretical terms, it is a consensual process duly agreed by both the parties to comply with. Such sorts of agreement can be categorized as: a) if a dispute arises; it can be resolved through arbitrator b) submission agreements are those that signed after a dispute has arisen5. In the common wealth countries, the earlier is considered suitable. In the cited countries, each executor has to bear the cost in conventional arbitration and not in submission agreement. The law accepts validity of arbitration clauses in spite of its language not linked with legal contracts. Those clauses are: a) English law is applicable if venue arbitration is London b) suitability of clause c) if it is in line with the ICC Rules in London6. The competent court of law respect the clauses to resolve the disputes provided i) arbitrator should take into account the principles of practical business ii) globally acclaimed principles of law governing ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Agreement of two companies Coursework”, n.d.)
International Agreement of two companies Coursework. Retrieved from https://studentshare.org/law/1434766-george-ltd-is-a-plumbing-firm-in-london-it-has
(International Agreement of Two Companies Coursework)
International Agreement of Two Companies Coursework. https://studentshare.org/law/1434766-george-ltd-is-a-plumbing-firm-in-london-it-has.
“International Agreement of Two Companies Coursework”, n.d. https://studentshare.org/law/1434766-george-ltd-is-a-plumbing-firm-in-london-it-has.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF International Agreement of two companies

Cultural History Versus Political History: The Varying Methods of the Two Fathers of History

Even though they have these similarities and have both been bestowed with the same title, these two historians drastically differed in their approaches.

Herodotus had another title bestowed upon him; he was also called the “Father of Lies.” Much of what is known of him has been gathered from his own writings as few other sources are available from his actual life. It should also be noted that the veracity of this information is in question as Herodotus was known to invent much in his own work, and it was sometimes the practice in Ancient Greece to attribute events from the life of one person to another; for instance, it has been questioned if the accounts of Herodotus’ exile are only due to the fact th...
10 Pages(2500 words)Essay

International Trade Theory

 Further to this, it is also believed that international trade can bring substantial economic welfare to the countries however still most of the countries do not view it as a favorable thing. Despite having a very promising and bright outlook, international trade has been largely viewed with suspension and it is because of this that governments impose barriers to restrict international trade. There can be many reasons behind this act of imposing restrictions or blocking international trade however there are also benefits on the other side too.

International trade has driven the attention of many of the brilliant minds in economics therefore the origins of the economic theory on international trade owe much to the c...
6 Pages(1500 words)Case Study

Globalization and International Business: Starbucks Corporation

The Small Business Encyclopedia defines globalization as the process by which the economies of countries around the world become increasingly integrated over time. This integration occurs as technological advances expedite the trade of goods and services, the flow of capital, and the migration of people across international borders (globalization, Answers.com).
The shreds of evidence of globalization are all around us. For example, Hill (2005) cites an example of an American driving a car designed and produced in Germany that was assembled in Mexico from components made in Japan fabricated by Korean steel and Malaysian rubber. The car is filled with gasoline from oil pumped from off the coast of Africa, at a service station o...
12 Pages(3000 words)Case Study

Potential Benefits of International Trade

... Content Outline I. Introduction (a) Definition (b) Background II. The Reason Why Countries Take Part in International Trade (a) Major Commodities in Today’s International Trade and Economic Gains Arising From it (b) Reasons Compelling Countries to Place Restrictions in International Trade III. Conclusion I. Introduction (a) Definition The expression international trade refers to an exchange of commodities across boundaries of nations. Two major terms are used to describe international trade (that’s imports and exports). Imports are services and goods bought from other countries while exports are the services and goods sold to nations or individuals of foreign countries. (b) Background It’s estimated that the international business...
6 Pages(1500 words)Coursework

Pathophysiological Processes Involved in Type Two Diabetes

Changes in lifestyle and behavior, in particular, sedentary jobs combined with lack of exercise and an increase in disposable income combined with lower food prices, have resulted in a veritable explosion of type 2 diabetes. Left untreated, type 2 diabetes can lead to a series of complications and illnesses and a high incidence of premature morbidity. However, over-rich nutrition and the resulting obesity are not the only risk factors as there are different levels of susceptibility to type 2 diabetes in different ethnic groups.

According to statistics released by the World Health Organization (WHO), currently, 180 million people worldwide have diabetes, with 2.9 million deaths per year occurring due to complications cau...
9 Pages(2250 words)Coursework

International Law: Child Soldiers

Using children to fight wars is not only morally abhorrent but very bad very the physical and mental health of the children in question. That is in part why a series of international laws and treaties have come into effect to try to deal with this scourge. But the issue is more complicated than that. While child soldiers are victims of war crimes, they too can also perpetrate serious breaches of the law of armed conflict. Under normal circumstances, individuals who commit such acts, be they combatants or not,2 would be vulnerable to prosecution. However, because children in such situations are victims as well as perpetrators and because of the special protections afforded to children under international law, many have questioned w...
8 Pages(2000 words)Case Study

International Affairs v. Liberalism

As a matter of fact, Hoffman’s statement that “international affairs is the nemesis of liberalism” has a grain of truth in it and this is especially so after the 9/11 incident.
There are two schools of thought or perspectives that are used to view international affairs: liberalism and realism. The study of these two perspectives is significant to the idea posed by Stanley Hoffman because they determine the reasons why international affairs, according to him, does not only see eye-to-eye with liberalism but seems to stand on the opposing side of it.
Liberalism can be defined as having four elements: citizens; the legislature; property rights, and; a market-driven economy (Dunne 186). Realism, on the othe...
6 Pages(1500 words)Assignment

Contrast of Two Explanations of Social Disorder in Contemporary UK Society

As the process of urbanization takes off and more people start residing in major cities, the fissures start to appear within the apparent harmonious co-existence. There are several reasons why disorderly conduct on part of individuals and groups takes place. Sociologists have proposed numerous theories explaining this phenomenon.

Erving Goffman was an astute observer of society, who immersed himself in the social environment which he was studying. He carefully observed and recorded the ways in which people’s behavior and interpersonal interactions are carried out in everyday life. He notes that “people perform their social roles and, as they do so, they produce social order through their actions and the regu...
6 Pages(1500 words)Article

International Business: World Economic Forum and Davos 2010

... sense power consumption and power quality. A modest sheet of paper, 50,000 thinner than human hair, when stacked, nets a material 500 times stronger than steel and is changing the way airplanes, automobiles and electronics are made (Alpern, 2009). International Technological collaborations are taking place in the form of strategic alliances, joint ventures and intimate supplier-producer relationships. Such collaborations include activities such as joint development agreements, technology sharing and R&D contracts amongst others (Rycroft, 2002). ICT has pervaded every aspect of business and today the value chain depends on the use of technology to link the customers and suppliers. In the current dynamic and global markets, technology...
7 Pages(1750 words)Coursework

Validating Late Mover Advantages in e-commerce: Evidence from Selected Companies

...” (Hays & Sadeddin, 2006). Their strategy is based on their learning from the existing business models and developing better and improved versions of new system that could actually help them in achieving higher competitive advantage and business value. The proposed research will focus on validating the advantages of late movers in e-commerce. The proposed research will attempt to gather useful evidence from two companies including: Barnes and Noble that is a publicly listed company operating as a late mover in online books distribution market and Walgreens that is one of the largest pharmaceutical companies that made an entry into e-commerce as a late mover in the industry. Objective The objective of the proposed research is investigate...
12 Pages(3000 words)Research Proposal
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic International Agreement of two companies for FREE!

Contact Us