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INTERNATIONAL COMMERCIAL DISPUTE RESOLUTION - Coggle Diagram
INTERNATIONAL COMMERCIAL DISPUTE RESOLUTION
Litigation
Taking a case to court, where a judge and or jury will decide the outcome. Process follows: filing a law suit; arguments on legal motions; phase of discovery; formal exchange of information; courtroom trial; appeal.
Advantages:
Right to appeal
Discovery
Precedent setting
Compliance with judgement enforceable
Disadvantages:
Lengthy
Can be appealed
Expensive
No privacy to matter
Alternative dispute resolution
Mediation
A voluntary, nonbinding conciliation process
Disadvantages:
Not formal
No guarantee of outcome
Settlement not binding
Advantages:
No court intervention
Reach a resolution quicker
Low cost
Privacy
Arbitration
A more formalised process resulting in a binding award.
Advantages:
Cost effective
Procedural advantages
Limited right of appeal
Arbitrator neutral 3rd party
Outcome binding
Disadvantages:
Discovery limited
Limited rights to approach court