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In this tutorial, Dr. Arid Siddiqui from the Indian Institute of Foreign Trade discusses the significance of contracts in international trade. Since parties in international transactions operate from different countries, contracts serve as the primary binding factor. The session covers essential clauses within these contracts, focusing on dispute resolution and jurisdiction. Understanding how to negotiate and balance the power dynamics between the seller and buyer is crucial, as a contract acts as a structured agreement to effectively manage disputes and terms of trade between both parties.