International Business SIB520 Study Guide - Final Guide: Franchising, Engagement Letter, Foreign Direct Investment

107 views1 pages

Document Summary

Negotiation- the parties attempt to resolve their dispute on their own without the assistance of a third party. Facilitation or conciliation voluntary dispute resolution process using the good offices of a neutral third party. Mediation- a professional mediator brings the parties together to attempt resolution of the dispute, and the mediator suggests a solution but does not make a binding decision. Arbitration- an arbitrator normally makes a binding decision which the parties are obliged to follow. Litigation- one party sues the other, a judge or jury hears the case and renders a binding decision, and the process can be long and expensive and end up destroying the business relationship. Intellectual property rights- patents: is an exclusive right granted for an invention, which is a produce or a process that provides a new way of doing something, or offers a new technical to a problem.