Asked by Paris Smith on May 04, 2024
Verified
Parties to international business transactions should include certain clauses, including arbitration clauses, in their contracts to avoid added complexity in related legal proceedings.
International Business Transactions
Economic activities that involve the exchange of goods, services, or information across national borders.
Arbitration Clauses
Provisions in a contract that require disputes to be resolved through arbitration, instead of through court litigation.
- Identify the relevance and steps of alternative dispute resolution strategies.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
True
Explanation :
Including arbitration clauses in international business contracts can help parties avoid complex legal proceedings by providing a predetermined method for dispute resolution, often leading to a more streamlined and efficient process.
Learning Objectives
- Identify the relevance and steps of alternative dispute resolution strategies.