Arbitrators: Who Are They and What Do They Do?
Alternative dispute resolution (ADR) is a group of techniques that helps businesses and individuals to avoid the costly and time-consuming process of going to court. Within ADR, there are several different approaches. Mediation, for example, involves a neutral third party who consults with two or more disputants to assist in reaching a settlement. Businesses certainly use mediation to settle disputes. However, they more commonly use the ADR method of arbitration for reaching a binding decision. Instead of simply mediating, one or more arbitrators makes a legally binding decision on behalf of the disputants.
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