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LSDefine
Simple English definitions for legal terms
equivalence of advantages
Read a random definition: ENGINEERING PROCUREMENT AND CONSTRUCTION CONTRACT
A quick definition of equivalence of advantages:
Equivalence of advantages means that two parties agree to give each other the same benefits or privileges. For example, if one country allows citizens of another country to study at their universities for a lower cost, the other country may reciprocate by offering the same benefit to the first country's citizens. This is called reciprocity. It can also apply to intellectual property rights, where one country recognizes the rights of a foreign national only if that same recognition is given to their own citizens in the foreign country. Reciprocity encourages countries to change their laws and benefits both parties involved.
A more thorough explanation:
Equivalence of advantages refers to the mutual concession of benefits or privileges between two parties for the purpose of commercial or diplomatic relations. It is also known as reciprocity or mutuality of benefits.
- When two countries agree to lower tariffs on each other's goods, they are practicing equivalence of advantages.
- If a company offers its employees a certain benefit, such as a gym membership, and in return, the employees agree to work longer hours, this is an example of reciprocity.
- In the field of intellectual property, reciprocity means that a country will only recognize a foreign national's intellectual property rights if that same country would recognize those rights for its own citizens.
These examples illustrate how equivalence of advantages works in different contexts. In each case, both parties are giving up something in order to gain something else. This creates a mutually beneficial relationship where both parties are able to achieve their goals.