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14 Cards in this Set
- Front
- Back
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Negotiation |
Informal settlement between the parties with or w/o counsel |
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Mediation |
Using a neutral 3rd part to assist in negotiations |
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Mediator |
Neutral 3rd party who assists in negotiations |
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Binding Mediation |
Parties agree that if they cannot resolve the dispute, mediator can legally make a binding decision on the issue |
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Arbitration |
Dispute resolution utilizing either a neutral 3rd party or panel of persons chosen by the court of by the parties |
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Binding Arbitration |
The arbitrator's decision is legally binding |
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Agreement to arbitrate |
Parties both agree that they will use arbitrators when disputes arise |
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Federal Arbitration Act |
Requires courts to give deference to all voluntary arbitration agreements in cases covered by federal law |
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Award |
A written resolution by the arbitrator after the dispute |
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Arbitration clause |
Included in contracts. States when a dispute arises, dispute will be submitted to arbitration first rather than court |
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Arbitrability |
Determines whether the arbitration clause is enforceable and or/ if the issue is covered in the clause |
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Judicial Review of Arbitration |
Party that loses arbitration may appeal the award. |
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Procedural defect |
In the award, if corruption, bias, prejudice, overreaching, and lack of mutual and definite award is seen, it can be revoked . |
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American Arbitration Association |
Nonprofit organization that provides arbitration services |
