Means of Dispute Settlement Research Assignment Paper - 550 Words

Means of Dispute Settlement Research Assignment Paper (Term Paper Sample) Content: Means of Dispute SettlementStudent:Professor:Course title:Date:Means of Dispute SettlementFrequent litigations could be lengthy processes and are usually time-consuming and costly. Organizations which are plagued by regular litigations would surely suffer monetarily. Therefore, a lot of business organizations prefer an alternate form of dispute resolution (Fisher, 2012). In this paper, the different types of Alternative Dispute Resolutions (ADRs) and alternatives are discussed in an exhaustive manner. They are ranked in the order of value. The main types of ADRs include minitrial, arbitration, mediation, rent-a-judge trial, and negotiation. They are ranked in the order of value as follows: first is negotiation this is the most valuable form of Alternative Dispute Resolution since it is actually the simplest type of ADR. The conflicting parties will simply talk to one another and resolve the dispute between them (Goldberg et al., 2013). If the parties are ready and ar e able to negotiate a satisfactory solution, then this form of ADR is an excellent technique of resolving disputes. If the parties to the dispute can resolve the issue themselves either with consulting their lawyers or not consulting them, then they could perhaps save money and time. Mediation: this is the second most valuable type of ADR as the conflicting parties would utilize a mediator, who is a neutral 3rd party, in helping them to communicate with one another and resolve the dispute between them. Mediation is advantageous as it is actually less costly in comparison to litigation (Fisher, 2012). Furthermore, it is faster and the outcomes are often considered as more acceptable. Mediations are regarded as highly effective with 95% of personal injury matters and 85% of commercial matters ending in written settlement agreements. In addition, the parties are often more contented since they agreed to the outcome. Arbitration: this is the third most valuable Alternative Dispute Res olution. Using this form of ADR, the parties to the dispute will furnish their evidence to a neutral and unbiased 3rd party known as an arbitrator. This 3rd party will make a decision which is referred to as an award. Prior to the beginning of the arbitration, the parties in dispute would decide whether the arbitration would be advisory or it would be binding (Goldberg et al., 2013). However, the award is often binding to the parties. In general, in binding arbitration, a party cannot appeal the decision. Minitrial: of all the various forms of alternative dispute resolutions, minitrial is the 4th in importance just behind negotiation, mediation and arbitration. The phrase minitrial is basically used in describing a process wherein the lawyers of the parties to the dispute provide an abbreviated form of their best case (Goldberg et al., 2013). In a minitrial, the parties will furnish their evidence before a neutral; that is, a person who is unbiased. The parties in dispute would th en attempt to negotiate a solution to their dispute. The neutral might make an advisory award. Rent-a-judge Trial: using this type of ADR, which is th...