Can the Law Compel Business Paarties to Negotiatie - Book Report/Review Example

Francis Botchway discussed this issue in his 2010 article titled, “Can the Law Compel Business Parties to Negotiate” which was published in the journal of World Energy Law and Business. This paper will seek to provide a summary of the article and review it critically. From the onset of the article, the author reveals that there are circumstances when the law can place business parties under the compulsion to negotiate (Botchway, 2010). There are four factors identified as the basis inducing the compulsion to negotiate.

One of this has been identified as legislation. In this case, legislation denotes any existing domestic statutes, international treaties, regulations, investments codes and bilateral investment treaties. Many countries have exhibited their commitment to include their business policies in different legislation codes in a bid to indicate their level of seriousness. Issues covered by the available legislation include the form of trade, the securities guaranteed and involved, compensation, tax, the size of the business and the mechanism to be adopted during dispute resolution.

Many of the available legislations have been identified as promoters of negotiation and a consultation process when resolving disputes. Negotiation is usually given the first priority by any existing business law which seeks to address the resolution of disputes. Although different countries have varying legislative processes, the emphasis accorded to negotiation as the first option is evident in all cases (p. 286). Countries that lack explicit legislations often rely on the statute books. The statute books usually outline the process involved in dispute resolution.

It has been noted that mutual discussions and agreements which form the basis of negotiations have been described. The author gives the example of countries such as Tanzania which identifies