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Business And Management

Alternative Forms of Dispute Resolution

Basically, the company enters into a contract and expects a smooth process by fulfilling contractual obligations and without disputes along the way. Unfortunately, such expectations are not always met. When a contract dispute arises, one of the parties may resort to litigation in an effort to remedy the alleged breach of contract or fraud by the other party.

Because litigation is time-consuming and expensive, it is important to know two affordable alternatives for resolving disputes. Mediation is a dispute resolution technique in which a neutral third party meets the contracted parties to facilitate settlement. 

Mediators are selected by the disputing parties and are usually well trained in the art of mediation. You can also book a mediation room using websites such as Stenographers.

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A skilled mediator can reduce the emotions of both parties and determine their real interests, and then offer creative solutions that can satisfy both parties and resolve disputes without a trial. Mediation can also take place after a lawsuit has been filed and, if successful, saves both parties inevitable time and cost.

Arbitration is another form of dispute resolution. In contrast to mediation, arbitration is a process in which one or more arbitrators selected by both parties hear the benefits of a dispute and decide questions. The decision is final and there is little room for appeal.

Arbitration can be resolved in person or through an approved service. Arbitration is less formal than legal proceedings. Arbitration rules aim to produce decisions that are affordable and less time-consuming than normal processes, and this goal is often achieved.