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INTERNATIONAL COMMERCIAL ARBITRATION
International commercial agreement pose various challenges to the parties concerned due to differences in business environment, cultural background and legal system of base countries from which the parties hail (Born, 2009, Pg. 332). This is a similar case where Cotoni Pregiati SRL is based in Italy, while New Jersey Inc. is based in USA, which makes an agreement between the two companies to have cross jurisdictional and legal system elements. This necessitates international arbitration and mediation in the event a dispute arise. International MED-ARB involves creating a contract where parties agree to submit any future dispute to a binding resolution by arbitrator selected on behalf or by the parties, and using the adjudicatory procedures, mainly through inclusion of provision for future dispute arbitration in the contract. When drafting an international commercial agreement it is therefore paramount to consider various factors in relation to any dispute in the future, including the applicable laws, jurisdiction, arbitral body, contract language, and arbitration location (Lew, Mistelis, & Kröll, 2013, Pg. 235). Inclusion of clauses touching on these issues would ensure any future commercial conflict is settled amicable and it awards is enforced.
The commercial contract between Cotoni Pregiati SRL and New Jersey Inc. contains set as law of the contract the Law of New Jersey, meaning that this should be used as the applicable law during the dispute between the two companies. The nature of dispute between the two companies, where Cotoni Pregiati SRL accuses New Jersey Inc. for distributional delay leading to company’s losses, while New Jersey Inc. accuses Cotoni Pregiati SRL of producing low quality Italian knitwear, necessitates involvement of a neutral international arbitrator. The MED-ARB clause included by the company in their contract should have stated the international arbitration body that will serve as a mediator and arbitrator in caser of dispute. However, absence of this provisions in the contract between the two…………………..