BUSI 2601 Lecture Notes - Lecture 5: Cardiology, Calgary Stampede, Equestrianism
30 Dec 2016
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Mediation is the first venue for conflict resolution. A third, neutral party will help the two parties through compromise. Very hard to compromise when there is an emotional situation (ex. Married 10 years, spouse tells you she has been unfaithful for years. You cannot throw out the spouse, and the spouse can bring their new partner into the house. Ottawa are, on average, on the market for 91 days before they are sold. However, in a divorce, the house is sold in a firesale, which is a quick sale, but you will not get all the money that you could have gotten if you had waited for better offers. Arbitration is when there is a third part that will determine the outcome of the parties. This is called a quasi-judicial approach in law. When this third party makes a decision, it becomes binding, and can only be appealed if there is a breach in the fairness of the agreement.
