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RESOLVING INTERNATIONAL COMMERCIAL DISPUTES - Coggle Diagram
RESOLVING INTERNATIONAL COMMERCIAL DISPUTES
ALTERNATIVE DISPUTE RESOLUTION (ADR)
Usually a faster, cheaper and more efficient way to resolve disputes
MEDIATION
Process where an impartial third party (mediator) assists disputing parties in resolving disputes
Advantages
Low cost
No court intervention
Reach a resolution faster
More control over the outcome
It is an private process
Disadvantages
A resolution aren't guaranteed
Not Formal
Settlement can be disputed
Voluntary
Nonbinding
Conciliation process
ARBITRATION
Process where disputing parties agree on one or several individuals that can make a decision to resolve a dispute after receiving evidence
Advantages
Cost effective
Procedural advantages
Arbitrator may be chosen
Right to appeal is limited
Resolution by a third neutral party
Disadvantages
Not Formal
Limited rights to approach court
Discovery is limited
More formalized
Binding
Enforceable
LITIGATION
The final alternative for resolving a dispute
The process of taking legal action.
Role of the presiding officer
Discovery of evidence
Trail by jury
Issue of damages
Right to appeal
A contested action, where someone else, such as a judge may make the final decisions for the parties unless the parties settle before trail.
Advantages
Compelled to comply with judgments
Right to appeal
Obtain information from the other party
Precedent setting
Disadvantages
Take a long time to resolve disputes
Costly
Public
Judgment subject to appeal