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3 Cards in this Set
- Front
- Back
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Negotiation
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Parties coming to a mutually agreeable solution
-Non-binding until docs are signed -Cost effective -NOT useful when there are power imbalances |
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Mediation
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Mutually agreeable solution, except there is a third party
- Inappropriate for cases where there are power imbalances -- party with less power may not be able to advocate for their side -Discussions are “privileged” -Cannot be discussed; might (depending on state) be excluded from discovery as well -Communications are privilege -May "narrow the issues for trial" -Benefits -Cheaper than judicial system -Less time-consuming -Parties have more control -Preserve relationships |
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Arbitration
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Neutral third party makes the decision
-No negotiation is involved -No appeals process -Neutral party is often specialized in the subject matter -Arbitration is not a matter of public record -Arbitration sets no precedent -Arbitration is usually a more agreeable outcome than litigation -Arbitrator should always be chosen with input from both sides |
