2/16/2023 0 Comments Download fineprint 9Or, under one law, persons who are not a party to the contract may have certain rights, whereas under another law they may have no rights. For example, one law may require that a contract be written, whereas another may not. When different laws are applied, results may be inconsistent and substantive rights may depend on whose law applies. Problems in international business contracts can occur because of differences in the laws of the countries involved. You should also acquire some knowledge of international conventions, the business laws governing your target market and existing trade agreements between that market and Canada. This will go a long way toward reducing misunderstandings, misconceptions and disputes.įinding a legal professional who specializes in international trade will help you sidestep regulatory and legal pitfalls and, if necessary, resolve disputes. International business contracts must, therefore, be specific and all-encompassing. Words often have different meanings in different places. Cultural and geographical impediments may crop up. Language barriers may cause misunderstandings. In international trade, contractual arrangements can be much more prone to complications than domestic ones. 9.5 Negotiating in other business culturesĩ.1 Understanding international contracts.9.1 Understanding international contracts.Step 9 – The fine print: understanding the legal side of international trade.It takes years to build a market, but only days to lose it.
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