Chapter 4 Flashcards
(17 cards)
Alternative dispute resolution (ADR)
Many different methods of resolution OTHER THAN litigation or trial
Negotiation
Retains power to parties, often seen as win-win, mutually satisfied.
Bargaining Power
Relative power of a party to another part that influence abilities, such as money to spend on litigation, allows them to negotiate better terms
Unequal bargaining power
Different power scales, unfair
BATNA
Best alternative to a negotiated agreement - unfavorable terms wont be accepted and favorable will be considered
WATNA
Worst alternative to a negotiated agreement
Reservation Point
Party’s bottom line in a negotiation.
Mediation
ADR method that which parties work with a (?) to form a mutually acceptable agreement. Mediator acts as a go-between, facilitating discussion, and mandating it if negotiation not naturally occuring
Facilitative Mediation
Mediation focusing on helping parties find solutions.
Evaluative Mediation
Provides their opinion on the merits of the case, helps them consider settlement options.
Arbitration
ADR method which parties vest power of decision in a 3rd party. neutral decision maker will hear case and issue decision.
Arbitrator
neutral decision makers, provides subject matter expeterise
Arbitration Award
An arbitrators decision. Can be presented to judge and converted into a judgement.
Mandatory Arbitration Clause
Contractual clause that requires the parties to a contract that forces madatory arbitration if a dispute arises. Forecloses ability to appeal arbitration awards in court afters.
B2C
business to consumer
B2E
business to employee
B2B
business to business
