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Business Law Ch. 4

TermDefinition
alternative dispute resolution the resolution of legal problems through methods other than litigation
primary forms of alternative dispute resolution -negotiation -meditation -arbitration
negotiation bargaining process in which disputing parties interact informally to attempt to resolve their dispute
adversarial negotiation negotiation in which each party seeks to maximize its own gain
problem-solving negotiation negotiation in which the parties seeks to achieve joint gain
mediation a type of intensive negotiation in which disputing parties select a neutral party to help facilitate communication and suggest ways for the parties to solve their dispute
arbitration a type of alternative dispute resolution wherein disputes are submitted for resolution to private non-official persons selected in a manner provided by law or the agreement of the parties
binding arbitration clause a contract provision mandating that all disputes arising under the contract must be settled by arbitration
submission agreement a contract which provides that a specific dispute will be resolved in arbitration
other forms of alternative dispute resolution -med-arb -summary jury trial -minitrial -early neutral case evaluation -private trials
med-arb a type of dispute resolution process in which both parties agree to start out in mediation and, if unsuccessful, to move on to arbitration
summary jury trial an abbreviated trial that leads to a nonbinding jury verdict
minitrial a type of conflict resolution in which lawyers for each side present their arguments to a neutral adviser, who then offers an opinion on what the verdict will be if the case goes to trial; decision is not binding
private trial an alternative dispute resolution method in which a referee is selected and paid by the disputing parties to offer a legally binding judgment in a dispute
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