Management and Organizational Studies 2275A/B Chapter Notes - Chapter 4: Counterclaim, Small Claims Court, Contingent Fee

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

This chapter focuses on the reactive aspect of risk management. Alternative dispute resolution (adr) a range of options for resolving disputes as an alternative to litigation. The goal of negotiation is to reach a resolution that is agreeable to all parties. Factors involved include: willingness of the parties to compromise and 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 successful they enter into a settlement agreement or release (an agreement where a party agrees to relinquish past, present, and future claims arising from a certain event: usually has a confidentiality clause. An impasse can sometimes be reached where neither party is prepared to compromise further: concede and cut its losses or risk the expenditure of more time and money. Mediation an adr process whereby a neutral person, a mediator, assists the parties in reaching a settlement of their dispute.