How Do You Solve Disputes Through Mediation And Arbitration?
Disputes over consumer-oriented issues have become a common phenomenon in today’s world. When products or services turn out to be faulty and you don’t get a satisfactory response from the company, mediation or arbitration may be the answer. Sure, you could approach the issue by suing the company, but more people and businesses are opting for alternative dispute resolution (ADR) methods. That’s because ADR negotiations between disputing parties tend to be faster and comparatively less time consuming and expensive. Understand the differences between mediation and arbitration-two popularly accepted methods of dispute resolution. Understand that in mediation, an impartial third party acts as an intermediary between the two disputing parties and tries to bring about a compromise. Mediation is not considered legal in nature. Understand that in arbitration, an arbitrator or a panel of arbitrators hears the disagreement. There is a formal sequence of hearings, and a call and verification of wi
