Management and Organizational Studies 2275A/B Chapter Notes - Chapter 4: Alternative Dispute Resolution, Estoppel, Formal Language

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Business operations-both internal and external-involve numerous interactions that have potential legal consequences. Management should explore this possibility to prevent recurrences. Setting guidelines for granting credit to customers does not guarantee that every debt will be collectable. Is a problem-solving process in which parties discuss their differences and attempt to reach mutually agreeable resolution. It is the most cost effective, usually quick, and allows parties to craft a solution that is suitable for their particular situation as opposed to having another party. Can be used to resolve virtually any type of dispute. When negotiation is used, it can be employed at any stage of a dispute even on the eve or midway through a trial. There are some situations where negotiation is not the proper way to proceed, In such circumstances, the business is required to allow the insurer to conduct settlement negotiations. Are carried out by the parties to the dispute.

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