Anyone Taking Business Law
Essay Preview: Anyone Taking Business Law
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The mediation process starts by the agreement of two people whom are willing to bring in a neutral third party to settle a dispute between them. It can start almost anytime because it is the decision between the two parties. That being said it is obvious that mediation can start before a case is ever filed or as late as before a decision was ever made by the courts. To find a balanced agreement the mediator meets with both people disputing the case. He will meet with them together and privately. The mediator helps find a solution to resolve the case in only a few hours. Statistics have proven that 85% of commercial matters and 95% of personal injury matters end in written settlement agreements. Any type of civil dispute can be settled through a mediator if they choose to do so. When people use a mediator they directly get involved in the final decision and they have options that have never been thought of. Some more advantages is that it can be a fast process than going to court, it saves money, it sometimes keeps business relations, and creates ways for special needs.
When a party decides to use arbitration to come up with a decision the most important step in the process is the agreement to arbitrate. This agreement can be the form of a future dispute arbitration clause in a contract or, if the party did not submit for arbitration in advance it then it can take the form of a submission of an existing case to arbitration. If parties want to provide for arbitration of future disputes they can do so by just inserting the clause into their contract. The clause should recite, “We, the undersigned parties, hereby agree to submit to arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules the following controversy: (cite briefly). We further agree that the above controversy be submitted to (one)(three) arbitrator(s). We further agree that we will faithfully observe this agreement and the rules, that we will abide by and perform any award rendered by the arbitrator(s), and that a judgment of the court having jurisdiction may be entered on the award”. The arbitrators are selected by a list that The American Arbitration Association gives both parties. After the filing of submission the list id distributed to both parties. The parties are allowed fifth teen days to cross out any names they definitely do not want. If administration is under the Expedited Procedures, the parties are allowed only