In order to better appreciate the insufficiency of money in repairing relationships, Part I describes the benefits that an apology brings to the injured party, transgressor, and the broader community in which the parties belong. Part II explains the increasing significance of relationships to certain categories of commercial transactions and provides examples of the types of relational damage that a contractual breach can cause to these commercial relationships. Part III explains how the benefits previously described in Part I are applicable to repairing the types of commercial relational harm described in Part II. Given that relationships matter especially in transnational commercial interactions, it is therefore important to focus on the site for the resolution of transnational commercial disputes: international arbitration. International arbitration is a form of private dispute resolution in which parties submit their dispute to third-party decision-maker(s). Arbitration has become an increasingly popular choice for resolution of transnational business disputes because of the confidentiality it affords the parties, the neutrality of the decision-makers, the flexibility of the process, and the enforceability of the awards. Additionally, parties often resort to arbitration when they want to preserve their business relationship. Part III explains how a remedy of a public apology, as a supplemental remedial tool, can aid the restoration of a positive relationship between the parties and increase the likelihood that they will work together in the future.
Recommended CitationKish Vinayagamoorthy, Apologies in the Marketplace, 33 Pace L. Rev. 1081 (2013)
Available at: http://digitalcommons.pace.edu/plr/vol33/iss3/6