International Negotiations-Negotiate At Your Own Risk
As more and more companies are entering the international marketplace in search of new territories and markets for their products and services, it is becoming apparent that culture and communication is having a direct impact on business negotiations due to the international aspect of the transactions. International business transactions are in turn effected by negotiations between the international parties which are in turn effected by culture and communications. After all, it is about culture isnt it? But failure to appreciate the culture and background of your counterpart can actually lead to disaster. When conducting international negotiations you must try and understand your counterpart, which when dealing with two distinct and different cultures maybe difficult.
Companies entering into new markets must in essence be mindful of:
In reality, international business and associated risks are to a certain extent dictated by international business communications and culture. International negotiations are much more complex than domestic negotiations by the fact they involve different cultures, different languages and perhaps different views of the world. Culture will determine how companies and their negotiators look at negotiations. Certain societies will have a greater risk tolerance than others. Some cultures will look at the future differently or will value compromise differently. Some cultures promote problem solving while others promote individualistic goals with little concern for the other side. Negotiating with other cultures can lead to a clash of values, disagreements over the meaning of words, confusion over inaction or action, and of course failed negotiations. There are a number of factors which make international negotiations as well as international business more challenging such as :
Understanding the culture of your counterpart becomes important. If you understand the culture of someone you negotiate with you have a better chance of succeeding. Understanding a different culture means you will communicate more effectively than if you had no idea as to the culture of the person sitting across the table form you. If you are to negotiate effectively with people from different cultures and perhaps different countries a number of steps should be taken:
Successful negotiations normally involve a decision amongst the parties to search for an agreement instead of fighting. Parties must be able to manage tangibles such as price and terms as well as intangibles such as the underlying motivation to negotiate. How does one view negotiation itself? Usually, different cultures view negotiations as well as success differently. So the challenges to successful international negotiations are apparent. One has to understand the multiple influences of culture and communications on the international negotiation process and update that understanding regularly as circumstances change. Remember, culture is not static but is always changing. Remember- when conducting international negotiations you do so at your own risk. However, if conducted properly, it can be a very effective risk management tool.
The Future of the Korean Legal Services Industry
By Bryan Hopkins
( Originally printed in the Korea Herald, April 23, 2012)
The recent Korea US FTA has not only resulted in a discussion of the pros and cons of such an agreement but a debate regarding the entrance of major international law firms into the Korean legal marketplace. What will be the impact on Korean law firms now that the major US and European law firms announced they will soon open offices in Korea? Most of the international law firms ( Paul Hastings, DLA Piper, Clifford Chance, etc. ) have offices in Hong Kong, Singapore or Shanghai besides the US and Europe and it is questionable if such firms truly need to open offices in Seoul. Most of the international firms have been providing sophisticated legal services on cross border transactions, out bound deals, M&A and project financing for years without having to open offices in Korea. But the opening of the Korean legal services market is causing concern. (more…)
During the lazy days of Summer, companies or organizations tend to slow down. People go on vacation, customers or vendors go into Summer mode, business slows and organizations think less about crisis risk management and more about company picnics or other fun events. People start thinking business is uneventful- maybe everything is calm and serene like the Buddhist Temple in the picture. (more…)
Rides at Children's Grand Park, Seoul
In today's world, many companies conduct business internationally. Because of international considerations, an international crisis is more complex than a domestic one and hence harder to resolve or manage. Companies that are caught up in an international crisis have to pay more attention to cultural, international and communication issues. Cross border management of a crisis management situation has indeed become very important.
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Korea Legislation Research Institute's Journal of Law and Legislation
Arbitration can be an effective risk mitigation or legal risk management (LRM) tool especially when dealing with disputes in Asia. Companies doing business in Asia have realized that using arbitration as a dispute mechanism is preferable to litigation in national courts. Hence Hong Kong, Singapore, and Korea have all developed sophisticated internationally focused arbitration centers and arbitral regimes. Though Hong Kong and Singapore have long been acknowledged as the primary arbitration centers in Asia, Korea is now facing increased demand as an international arbitration center as it is being seen as an attractive alternative. As these three arbitration centers compete in Asia for international arbitration business all three have updated their arbitration laws and rules to reflect the current international trends.
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I compared the three arbitration centers in my latest article, "A comparison of recent changes in the arbitral laws and regulations of Hong Kong, Singapore and Korea" published in the KLRI Journal of Law and Legislation. It is accessible via the following link: http://www.klri.re.kr/eng/category/klriNewsView.do?seq=375.
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