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Chapter. 18. International Law. Formation of an International Transaction. Insulation to Germany. 15-1. What is International Law?. Public International Law ICJ (15 Judges -- sit at the Hague) Only Countries May be Parties Article 38 Private International Law

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  1. Chapter 18 International Law

  2. Formation of an International Transaction Insulation to Germany 15-1

  3. What is International Law? • Public International Law • ICJ (15 Judges -- sit at the Hague) • Only Countries May be Parties • Article 38 • Private International Law • Represented by Law of Nations • CISG Sources of International Law 15-2

  4. GATT • Most Favored Nation Status • Concept of National Treatment • WTO -- World Trade Organization • Will adjudicate trade disputes betweenmember countries General Agreement on Tariffs & Trade 15-3

  5. The European Union • The Commission • The Council of Ministers • The Court of Justice • The Parliament 15 Member Countries 15-4

  6. NAFTA • United States, Mexico & Canada • Modeled after E.U. • Core Issue is Free Trade • Reduction and eventual elimination of tariffs and other barriers to trade • Complicated by sharp differences withMexico’s economy and Canada’s problems with Quebec North American Free Trade Agreement 15-5

  7. Methods of Transacting International Business • Foreign Sales • Letter of Credit • Chase Manhattan Case • Bill of Lading • Licenses & Franchises • Direct Foreign Investment 15-6

  8. Risks Involved in International Trade • Expropriation & Nationalization • Act of State Doctrine • Sovereign Immunity 15-7

  9. Export Controls • Export Administration Act (EAA) • Dual Use Technology • Arms Export Control Act (AECA) • Military Technology • COCOM Replaced by Wassenaar Group This Area is in Flux (Change) 15-8

  10. FCPA • Two Principal Requirements • Financial records kept in“reasonable detail” • System of “Internal AccountingControls” Foreign Corrupt Practices Act 15-9

  11. FCPA Amendments (1998) • Civil Fines -- $10,000 (new) • Criminal Fines -- $100,000 (individual) and $2 Million (business) • Individuals can be sent to jail for upto 5 years Penalties Increased 15-10

  12. Conflicts With U.S. Antitrust Laws DOJ Guidelines provide that anti-competitive conduct, regardless of where such conduct occurs in the world or the nationality of the parties, may lead to prosecution if it affects U.S. domestic or foreign commerce. 15-11

  13. Resolving International Disputes • Suing Foreign Firms in theUnited States • International Arbitration 15-12

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