6 What are the modes of settlement of disputes in international business? Discuss.
Answer : Chapter VI of the UN Charter lists the following methods of peaceful settlement of disputes: negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.
Litigation and arbitration are both considered to be judicial as opposed to political means of settlement because their results are both legally binding. The terms of arbitration are agreed on in advance either through an ad hoc agreement or a
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