In Most Cases,it Is Best for Parties to a Contract

question 9

True/False

In most cases,it is best for parties to a contract to include a provision in the agreement to have any disputes between them arbitrated,usually using one of the international arbitration services available for that purpose.

---

Definitions:

Implicit Costs

The opportunity costs that are not directly paid for or incurred in transactions but represent real costs to a business.

Implicit Costs

refer to the opportunity costs that occur when a company uses internal resources that could have been used for another purpose but do not directly affect cash flow.

Entrepreneurial Talent

The specific skills, creativity, and innovation that individuals bring to starting and managing new ventures or businesses.

Forgone Interest

The potential interest earnings lost by choosing to invest capital in one option over an alternative that offers a higher return.