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Food for Thought of the Day

Food for Thought of the Day. “The individual has always had to struggle to keep from being overwhelmed by the tribe. To be your own man is hard business. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself.”

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Food for Thought of the Day

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  1. Food for Thought of the Day “The individual has always had to struggle to keep from being overwhelmed by the tribe. To be your own man is hard business. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself.” -Rudyard Kipling

  2. Welcome to Introduction to Business BUS 002 Agenda TOPIC: International Law • Check-Ins: Questions, Comments, Reflections, AhHa Moments • Status Check – Think & Writes, Independent Challenges • Independent Challenge 3 content: • Employment Law, Entrepreneur Options, Anti-Trust, International • International Law • Reflection • Emancipate

  3. Terms • International Law • National Law • Import • Export • Quota • Tariff • Dumping

  4. Learning Objectives • What is the principle of comity and why do courts deciding disputes involving a foreign law apply this principle? • What is the act of state doctrine? • Under the Foreign Sovereign Immunities Act of 1976, on what bases might a foreign state be considered subject to the jurisdiction of U.S. Courts? • In what circumstances will U.S. antitrust laws be applied extraterritoriality? • Do U.S. laws prohibiting employment discrimination apply in U.S. factories abroad?

  5. International Principles and Doctrines • The most important principles and doctrines applied in the interest of maintaining harmonious relations among nations: • The Principle of Comity. • The Act of State Doctrine. • The Doctrine of Sovereign Immunity.

  6. The Principle of Comity • One nation’s deference to and willingness to enforce the laws and judicial decrees of another country, as long as those laws and decrees are consistent with the fundamental laws and public policy of the deferring nation. • JP Morgan Chase Bank v. Altos Hornos de Mexico, S.A. de C.V. (2004) p. 762

  7. The Act of State Doctrine • A judicially-created doctrine by which the courts of one country will not examine the validity of governmental acts committed by another country within the latter’s territory. • This doctrine is often invoked to protect: • Expropriation • Government seizure of private property for public use with just compensation. • Confiscation • Government seizure of private property without just compensation.

  8. The Doctrine of Sovereign Immunity • This doctrine exempts (a pass) foreign nations from jurisdiction in U.S. courts. • The Foreign Sovereign Immunities Act expanded the jurisdiction of U.S. courts for creditors of foreign governments.

  9. Doing Business Internationally • Types of International Business Operations • Direct Export: The sale of goods directly to a foreign purchaser. • Indirect Export: The sale of goods abroad through some third party. • Exporting, through: • An Agent. A firm or person empowered to contract in the agent’s country on behalf of a U.S. principal. • A Foreign Distributor. A firm or person empowered to sell a U.S. principal’s products in a foreign country. • Manufacturing Abroad, through: • Licensing. • Franchising. • Investing in a subsidiary or joint venture.

  10. International Contracts • Choice of Language Clause. • Choice of Forum. • Choice of Law . • Force Majeure (impossibility or “act of God”). • Civil Dispute Resolution.

  11. Making Payment on International Transactions • Most foreign buyers and sellers will prefer (if not insist) that they be able to purchase with or be paid in their own currency, U.S. exporters and importers must be able to convert U.S. dollars into foreign currency and vice versa. • Monetary Systems. • Foreign Exchange Rates/Markets. • Correspondent Banks (affiliated banks in different countries). • Letters of Credit. • Conditional promise by Issuer (Bank) to pay Beneficiary (Seller) on behalf of Account (Buyer).

  12. Regulating ActivitiesInternational Trade • Nations impose laws and controls to restrict or facilitate international business. • Export Incentives: Devices designed to stimulate exports and thereby aid domestic businesses. • Import Restrictions: Devices designed to limit imports and thereby aid domestic businesses. • Quota: Numerical limit – either as a fixed quantity or as a percentage of domestic sales or output – on the amount of goods that can be imported. • Tariff: A tax on imported goods. • Dumping: Selling imported goods at less than their “fair market value.” • International Organizations and Agreements: World Trade Organization and NAFTA.

  13. U.S. Laws in a Global Context • U.S. antitrust law applies to the activities of U.S. firms even when they are acting abroad. • Foreign persons and governments can sue under U.S. antitrust laws in U.S. courts. • Generally, U.S. firms must abide by U.S. anti-discrimination law (ADEA, ADA, Title VII), even in their foreign activities, unless doing so would require them to violate the laws of the foreign country.

  14. Reflection • How might today’s content impact my practice in business? • What implications might today’s content have on the local, state, national, and global communities? • What have I learned about law and business that will influence my practice?

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