AFM231 Chapter Notes - Chapter 4: Alternative Dispute Resolution, Arbitration Clause, Arbitration Award
8 Aug 2018
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Should seek to manage disputes with goals of: avoiding time-consuming and expensive litigation, preserving desirable long-term commercial relationships. The delinquent customer: explore possibility to prevent recurrences, give opportunity to recover financially, offer to accept less amount, write off debt, or take steps to be paid on its account. The hacking attempt: to sue, need to know identities of hackers. If hackers breach firewalls, recovering data, and liability for loss of customer data can incur. Success of negotiation depends on: willingness of parties to compromise/negotiate in good faith, nature and significance of the dispute, priority the parties give to its resolution, effectiveness of those involved in the negotiations. If you reach settlement, you enter into settle agreement or release. Common to include confidentiality clause as part of release: release agreement where a party agrees to relinquish the past, present, and future claims arising form a certain event.
