Term
| What are three alternatives to court action? |
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Definition
1) Negotiation
2) Mediation
3) Arbitration |
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Term
| Why is it preferably for businessed to avoid litigation? |
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Definition
Expensive, lengthy process.
Often unsatisfactory results
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Term
Most common alternative.
Parties attempt to discuss and settle matter themselves.
Completely voluntary.
Which alternative? |
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Definition
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Term
Parties choose a neutral third party to resolve dispute.
Third part may or may not be trained.
Completely voluntary.
Encourages settlement and assists parties in creating their own solution.
Third party does NOT make decision.
Which alternative? |
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Definition
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Term
Parties choose a neutral third party.
Trained & certified professionals w/ expertise in the matter are selected.
Usually a contract commitment.
Similar to court but private & cheaper
No right of appeal but process can be reviewed by court.
Trained professionals do NOT make a binding decision.
Which alternative? |
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Definition
Arbitration.
Trained professionals are called arbitraitors. |
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Term
| Advantages of using alternatives? |
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Definition
Faster & Cheaper Confidential/More Privacy
More Control/Flexibility Can Maintain Good Will
Use of Industry Experts Increased participation
Works across Legal Jurisdictions (ie. international disputes) |
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Term
| Disadvantages of alternatives? |
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Definition
No way to force full disclosure
Public unaware - doesn't serve public interest
Outcome difficult to predict
May become an unfair process
Hard to deal w/ power imbalances b/w parties |
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