ABSTRACT
No single, uniform international commercial law governing foreign business transactions exists. The International Court of Arbitration is the largest institution in the world involved in solving international commercial and business disputes. The international company must pay particular attention to the laws of each country within which it operates. Negotiations in international business can be protracted. The negotiation process goes through several phases. They are called: Initial negotiation phase Consensus ad idem phase Closing phase Businesses live and conduct their activities within a certain framework of law based on customs and practice, on the judicial decisions of the courts and statutes enacted by governments. The legal environment is normally concerned with three aspects: home country laws, host country laws, and international laws. The legal systems of different countries are so disparate and complex to explore the laws of each country individually. There are two legal traditions in Europe: civil or code law and common law.
