I work at a clinical research company that is involved with recent breakthroughs in immunotherapy. This includes treating conditions such as cancer, HIV, hepatitis, or pro-inflammatory diseases by processesing cell-based products that are intended for patients in Europe (EU) and Canada (CA), and possibly Japan. A common reason for establishing a company or expanding into another country is because there is a demo graphical demand for your product there that cannot be satisfied by any local companies, therefore a contract must first be conjured between international entities. Our contracts between companies, hospitals, or healthcare facilities differ significantly based on the the country’s location of whom we are doing business with. For example, when processing a product that is designated for EU, we must follow more strict guidelines, such as performing quality checks on the manufacturers every time a process takes place rather than just taking quality checks on the products alone.

According to lecture, in order for two coercing companies to succeed, especially when originating from different nations, they must establish and adhere to contract laws when formulating an agreement. Such laws require “offer and acceptance” from both parties, meaning that a contractual agreement can only be legalized if both sides fully understand the negotiations that are to occur. Consideration must also be made to ensure both companies equally benefit from their relations as well as having the working capacity/competency to formulate these progressive relations (i.e. a custodian cannot make decisions that would normally be assigned to a researcher). What other contract laws are required when trying to consolidate a working contract between two companies? Medical device regulation in EU are known to be less tedious than in the US, is this addressed at all in a company’s contract (such as an EU company enforcing more strict statutes towards US companies when handling their products)? What are some of the penalties associated with violating contract laws between two companies in the same country? What about in different countries?

Reference:
“Elements of a Contract”, US-Legal website