LGS 200 Lecture Notes - Lecture 2: Costco, Ethical Code, Alternative Dispute Resolution
23 Aug 2016
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Alternative dispute resolution = any procedure or device for resolving disputes outside the traditional judicial process. * know advantages and disadvantages of each of these 3 forms, as well as differences in them: negotiation = the parties come together informally with or without attorneys to represent them. Positives = you are doing it yourself. Negative = could take forever (if no lawyer present: mediation = the parties themselves attempt to negotiate an agreement, but with the assistance of a neutral third party (called the mediator) Negative = costly; high prices: if no settlement, it is non-binding (time and money could be wasted) Positive : less stressful, can be done quickly, hard feelings and bitterness can be avoided. A form of assisted negotiation: arbitration = the settling of a dispute by an impartial third party (other than a court) who renders a decision (this third party is called the arbitrator) More costly and must pay up front.
