Where two parties are engaged in international trade and have a long term relationship and a degree of mutual trust, which payment mechanism is commonly used?

• A.Letter of Credit
• B.Documentary Collection
• C.Bill of Exchange
• D.Stage Payment

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Which of the following will you put into box 7?

• A.adjudication
• B.arbitration
• C.mediation
• D.litigation

Correct Answer: D

The correct answers are as follows:

This is litigation as it involves a legal team and it's public. Out of the 4 options only litigation is a public dispute resolution.

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Which of the following will you put into box 6?

• A.Mediation
• B.Arbitration
• C.Litigation
• D.Negotiation

Correct Answer: C

The correct answers are as follows:

Litigation is the only resolution method which goes 'through the courts'. Therefore this is the correct answer

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Service Credits are a form of what?

• A.liquidated damages
• B.indemnity
• C.KPI
• D.Consideration

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If a party is to 'repudiate' a contract, what does this mean?

• A.the party is cancelling the contract as it is no longer needed
• B.the party is using the break-clause to end the contract
• C.the party indicates they no longer intend to fulfil their contractual obligations, usually in response to a breach
• D.the party gives notice that they anticipate that they will not be able to fulfil their future obligations

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