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ADMS2610-Session5-Ch2 - ADMS2610 Session 5 Chapter 2(pg...

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ADMS2610 Session 5 Chapter 2 (pg. 40-42) Alternative Dispute Resolution (ADR) Alternative Dispute Resolution - Tribunals are used by the courts to deal with variety of disputes between individuals o Advantage: the speed at which hearings may be held, the informality and the confidentiality of the proceedings, the lower cost of obtaining a decision - There is a higher cost associated to resolving disputes through the courts o Business contracts often contain clauses that provide for alternative methods of resolving disputes between the parties o Arbitration – the parties agree that if any dispute arises between them, they will refer the dispute to an arbitrator and that they will be bound by the arbitrator’s award or ruling on the dispute (1) Mediation - It is the preliminary step to the arbitration process in an effort to resolve the dispute without a formal arbitration decision - (1) Usually involves third party who is skilled at the process to meet with the parties together at first then individually -
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