As international trade increases, so does the need for authoritative guidance on how conflicts among parties governed by different legal systems should be resolved. Fortunately for companies in Alberta, international business law offers businesses enough flexibility for conflict resolution. So, if you are looking to resolve your disputes out of court, here is how international business law in Alberta can help.
Resolving conflicts with international business law in Alberta
There are just so many different regulatory frameworks that they increase the possibilities for conflict. That’s why conflict resolution is very much a part and parcel of all international business dealings. Here are some common conflicts that international business law in Alberta can resolve.
Every country has different payment laws and owing to the global currency exchange system, payment disagreements are one of the most common conflicts that arise. For instance, if you are an importer experiencing delivery or trade issues with your customers, international law can help you develop your contract for selling products across international borders to keep you profitable.
Documentation could be quite complicated if the parties involved have different ideas of what should or should not be done. Knowing certain provisions from international business law can allow you to take control of your papers and create neutral, objective documents in everyone’s best interest.
●Violation of terms
A contract is dictated by several laws, rather than one principle. And there may be a problem in the implementation of the contract. With international business law, you can prevent other parties from violating the terms of the contract.
What are mediation and arbitration?
International arbitration and mediation offer an efficient and viable alternative for resolving business disputes.
Although both arbitration and mediation are used interchangeably, they are different processes.
With arbitration, the parties agree on a neutral third party to listen to both sides of a arguments and make binding rulings. Arbitration decides the case in a formal manner, is presided over by a judge, and both parties agree to accept the final decision and act according to it.
Mediation is a similar process where there is no ruling but parties try to work out their differences by talking to each other.
As opposed to litigation before a state court with its procedural technicalities, fixed schedules, and thousands of procedures, mediation is informal and procedurally flexible. Mediation offers an opportunity for parties to negotiate their own settlement terms while retaining maximum control over the proceedings.
With mediation led by a seasoned mediator rather than a judge, both parties can efficiently resolve their dispute on time.
When to consider litigation
Sometimes there can be a problem with parties you deal with. To go ahead with litigation, a company should have firm evidence that the other party has either violated its rights or is being uncooperative and unwilling to resolve a dispute amicably. If you can’t prove that, it may result in a failed litigation and an increase in legal costs and damages.
That’s why it is not something that should ever be rushed into. Once you decide to litigate, the next step is to hire a lawyer to represent your case who can guide you throughout the process.
When to hire international business lawyers in Alberta
It is not easy to resolve business conflicts, especially when it involves being familiar with multiple legal systems. But expert international business lawyers can help you solve all your disputes via valid arguments and smart strategies. They can also save you time and a ton in legal fees using their experience in conflict resolution and bring you to an amicable conclusion.