Benefits And Disadvantages Of Arbitration - 844 Words

3. Discuss the advantages and disadvantages of using arbitration to settle non-labor issues such as consumer complaints, employer-employee disputes, and so on. Find an example from the business world where this was done. Arbitration is a method to submit a resolution in an arbitral, rather than a judicial forum. For non-labor issues, arbitration can be a less expensive solution. One example is The Home Owners Warranty program. A program which aimed to resolve disputes between homeowners and builders. The program was designed between the Home Owners Warranty programs of the National Association of Home Builders. This program started in 1973 as a method of formally resolving disputes through arbitration. The program provided a warranty program, using mediation, and arbitration to resolve differences. Before the warranty program was created, the National Association of Home Builders came to the Federal Mediation and Conciliation Service for advice and assistance on dealing with homeowner disputes. Over the years, the program has expanded across the country through the Magnuson-Moss Bill, assisting the Federal Trade Commission on issuing rules on warranty’s and guaranties. The arbitration occurs while looking at the evidence of a dispute objectively for the best solutions (Barrett, 1985, p. 32). Pros of Arbitration - Arbitration is a way to resolve disputes efficiently, proponents of arbitration commonly point to a number of advantages it offers over litigation, courtShow MoreRelatedMediation in Third Party Intervention919 Words   |  4 Pagesfacilitators (Wilmot, Hocker, 2007). Some formal types of third party intervention are arbitration, adjudication and mediation. In arbitration and adjudication, the decision of the outcome is based on an outsider, the judge, jury or arbitrator (Wilmot, Hocker, 2007). However, in mediation, the outcome is based on the party’s management of their own conflict (Wilmot, Hocker, 2007). Similar to arbitration, adjudication is the process by which a decision is made, because parties cannot resolveRead MoreThe Alternative Methods of Dispute Resolution Essay976 Words   |  4 PagesResolution Alternative methods of dispute resolution (ADR) are methods of resolving a dispute without resorting to using the courts. The fundamental principles of Alternative Dispute Resolutions are Negotiation, Tribunals, Conciliation, Arbitration and Mediation. Many of these approaches include the use of a neutral individual such as a mediator who can assist disputing parties in resolving their disagreements. The use of these methods helps in bringing justice to all peopleRead MoreWhat Laws Govern Arbitration Of A Joint Venture Between Monarch Associates With Vladir Unlimited1382 Words   |  6 PagesWhat laws govern arbitration in the U.S.? In Russia? The case being presented indicates the establishment of a joint venture between Monarch Associates with Vladir Unlimited. The case presented indicates that before the two companies signed the agreement for the joint venture there was a need for the two of them to clearly understand the details of what they were engaging in (Gaillard, 2015). To start with, a joint venture has been defined as a type of business that involves two identical organizationsRead MoreProtecting Foreign Investments1257 Words   |  6 Pagesthe investor can seek for compensation under international arbitration. The question is whether to which extent does the arbitration provides them solution and which ways or methods they can seek alternative to arbitration. 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