Please enable JavaScript.
Coggle requires JavaScript to display documents.
Commercial Dispute Resolution - Coggle Diagram
Commercial Dispute Resolution
Negotiation
Advantages
Time-efficient
Preserves relationships
Cost-Effective
Disadvantages
No binding agreement
May not be effective in all situations
Characteristics
Without third-party involvement
Flexible and Informal process
Direct Communiaction between parties
Mediation
Advantages
Flexible
Cost-effective
Voluntary process
Characteristics
Neutral mediator
Non-binding decision
Third-party facilitation
Disadvantages
Dependent on mediator's skills
No binding agreement
Arbitration
Characteristics
Binding decision
Formal process
Third-party decision maker
Disadvantages
Limited appeal process
Can be costly
Advantages
Faster than litigation
Confidential
Expertise of arbitrators
Litigation
Advantages
Public accountability
Enforcement of rights
Establishes precedent
Disadvantages
Costly
Adversarial
Time consuming
Characteristics
Binding decision
Formal and adversarial process
Court-based resolution