Basics of Mediation and Arbitration
"In an attempt to control litigation costs, many companies are looking to employ alternative dispute resolution mechanisms – commonly referred to as ADR -- to avoid the courthouse.
Two of the most commonly used ADR mechanisms are mediation and arbitration. Mediation is a voluntary process through which the parties meet and try to negotiate a resolution to their dispute by using an objective third-party facilitator. Arbitration is a process that results in a binding decision that the parties can seek to enforce through the courts."
Outlined in this article from Beirne, Maynard & Parsons are the basics that can be expected in a typical mediation or arbitration conducted as described in the article.
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