Arbitration has had its status in domestic and international contracting and commercial contracts. Nowadays, it is rare to see a contract in various business fields excluding a condition regarding dispute resolution. In line with such matter, arbitration organizations and centers have developed their sphere of activities, trying to provide better services for users so as to settle disputes with less costs and time. In developed legal systems like Canadian one, this matter has been recognized and Iran considers arbitration as an important part in commercial contracts.
Prior to execution of any commercial contracts between the two countries, Canada Iran Business Association is obliged to provide legal solutions and legal consultative services, in addition to other services, so as to develop businesses and expand commercial ties. Accordingly, Canada Iran Business Association seriously recommends you to enjoy its legal consultative services prior to taking any measures such as money transfer.
One of the services provided by Canada Iran Business Association is inquiry and verification in the both countries. Nowadays, “Due Diligence” is very common in Canada and all companies and commercial parties officially and legally take action in this regard prior to entering into any commercial transactions.
This investigation may be so expanded in Canada. For instance, all the records pertaining to court cases, whether dismissed or not dismissed, employment records of employees, financial transactions, banking or taxation debts, taxation list, may be specified. These services come to the point in which even company audits as well as sale and purchase of companies shall be checked within stock transactions.
With respect to international contracts, it has been said in the international law that there must be a foreign element in such contracts. Based on economic criteria, an international contract is a contract which includes assets and capital transfer from one country to another one. This definition has been considered as the definition of international contracts in line with the previously mentioned definition in the books written on international private law.