International Legal and Ethical Issues Simulation
All activities that are practiced out with foreign countries must be able to have legal implementation. There is a need to have some legal enforcement on the transactions, or it may never be resolved. When a company decides to transact business with foreign countries, there is a number of aspects that come into play and must be put into consideration. Some of these factors include international and local law, distinctions in politics and culture of the area required to be considered. Contracts are binding if they are supported by the law regardless the countries they are made in. A country can stop all business transactions of the company if they file a lawsuit in that country. Knowing the local and international law is crucial in order to apply that knowledge in the situations that may arise.
Clauses of the legal, contractual agreement that were drawn when starting the business should be considered. This negotiation must be legally implemented between the partners. It is also necessary to consider ethical and cultural distinction inherent in such transactions that may influence the business in the long term. Multinational institutions enjoy diverse tax incentive for internal customers. Internal revenue tries to focus on how to benefits from a tax reduction and tax exemptions.
Sublicensing mutual agreement comes into existent when the company has a number of them and does not fully indicate sub paragraph. This leaves the company up for lawsuits if any of the contracted employees commit the wrongful act and also make the main company fully responsible for damages incurred. Even employees within sublicensing can sue a company established within the sublicensing agreement.
Domestic law and customs of the country where a company is conducting its business should constantly prevail over the other nations operating locations. Law is of benefits if it is made for that nation and can be implemented.
In addressing international legal and ethical issues, simulation studies the agreement between a company known as CadMex Pharma and a company known as Gentura in the country of Candore. When international agreement is put in place, the company has to maintain that the agreement is legal, and the terms and conditions will be implemented. Domestic legal issues are implemented to protect the domestic companies.
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