Dispute

Dispute

Introduction

Over years, international transactions have been a part of each successful business and, many laws are essential to regulate these transactions. International dispute settlement is also a difficult criterion to be considered in most cases. It also involves business ventures to do transactions across the borders of the country. Many parties are involved in any international transactions such as states, international bodies, multinational companies and many individuals or stakeholders. These transactions are sensitive because, different countries have different cultures and laws. These business relationships also ensure that these transactions should not overstepped cultural as well as legal boundaries. Proper law is enforced in each country for these international transactions in order to avoid any break down outside the national boundaries. These laws derive many outputs for parties and, many times strengthen relationship between parties. In each dispute settlement, it is found that involvement of government authorities and legal issues are mandatory. When there is no international law then, there is no weight age of these settlements and disputes.

Discussion

Any dispute can be legal if legal rights of each party are enforced in the court of law. Arbitration and Litigation are mostly fall under such categories. There are also diplomatic and non-adversarial which are based on fairness, equity. These non-adversarial methods include negotiation, mediation, conciliation and consultations, and inquiries.

Arbitration

In arbitration, parties have to agree before and after dispute or at any stage in order to attribute their disputes. Parties have rights to draft their own rules and regulations but, this may arise few problems after dispute has arisen. Parties may choose different plethora of rules which is offered by various institutions around the world.

Austria is the developing country and, main target of Austria is the reduction of debt pressure and, attraction of foreign investors in order to grow economically. It ...