Negotiation is the procedure in the international business arena for settling a dispute,in which an objective third party hears both sides of an issue and makes a decision.

Question

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Negotiation is not necessarily a procedure for settling a dispute through a third-party decision. It can involve direct communication and compromise between the parties involved. Additionally, negotiation can be used for a range of business activities beyond dispute settlement, such as contract negotiation and partnership formation.

Negotiation Is the Procedure in the International Business Arena for Settling