BUSI 561 Chapter Notes - Chapter 4: Alternative Dispute Resolution, Contract
Document Summary
Alternative dispute resolution (adr: resolving legal disputes through methods other than litigation (outside of court), such as negotiation and settlement, arbitration, mediation, private trials, minitrials, summary jury trials, and early neutral case evaluation. Negotiation and settlement: an alternative dispute resolution method in which the disputant parties come together informally to try to resolve their differences. Arbitration: a dispute resolution method whereby the disputing parties submit their disagreement to a mutually agreed-upon neutral decision maker or one provided for by statute, no official record is made. Arbitration briefs: written arguments from the parties. Binding arbitration clause: a provision in a contract mandating that all disputes arising under the contract be settled by arbitration. Minitrial: an alternative dispute resolution method in which lawyers for each side present the case for their side at a proceeding refereed by a neutral advisor, but settlement authority usually resides with senior executives of the disputing corporations.
