Discuss the Circumstances Under Which Arbitration Is Preferable to Conciliation

question 52

Essay

Discuss the circumstances under which arbitration is preferable to conciliation in contract and dispute resolution in international marketing.

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Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, dependent on the outcome of a specific event or set of circumstances.

Probable

A term signifying a high likelihood or certainty that a future event will occur.

Estimable

Capable of being approximated or determined in value, often referring to an amount or value in accounting.

Contingent Liability

A potential financial obligation that may arise in the future depending on the outcome of a specific event.