MCS 3040 Chapter Notes - Chapter 4: Alternative Dispute Resolution, Arbitration Clause, Class Action

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Raddocchia

Document Summary

Companies should seek to manage disputes with the goals of: avoiding ime-consuming and expensive liigaion, preserving desirable long-term commercial relaionships. Coming up with negoiated payment plans or wriing of debt may pracical then spending money in order to collect. Although insurance may cover any damages, the business is likely to sufer the loss of goodwill and damage to its reputaion. If amount of loss is too large to write of then legal acion must ensue. There are many ways to solve a dispute that don"t involve liigaion. Alternaive dispute resoluion (adr) - a range of opions for resolving disputes as an alternaive to liigaion (ex. Negoiaion - a process of deliberaion and discussion intended to reach a mutually acceptable resoluion to a dispute. The most common adr because it is cost efecive, quick, and allows paries to create a soluion suitable to their paricular situaion.