BUS220 - Chapter 4
Terms
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- Alternative Dispute Resolution (ADR)
- Speedy and just means of resolving cst to both the parties and to the taxpayers; for example, arbitration, conciliation.
- Negotiation
- Process in which two or more people meet to discuss their differences and attempt to arrive ata settlement that is acceptable to both.
- Conciliation
- Third party sucessfully gets conflicting parties to accept an agreement, but does not participate in the negotiations.
- Mediation
- Process of promoting voluntary compromise or resolution of a dispute usually initiated before arbitration.
- Arbitration
- Procedure in which both parties submit their case to an impartial thrid party (arbitrator).
- Arbitrator
- Person selected by the parties to a dispute to make a desicion based on evidence submitted by both parties.
- American Arbitration Association (AAA)
- Private nonprofit organization established in 1926, whose pirpose is to foster study of arbitration, t perfect the techniques of arbitration law, and to advance the science of arbitration for the prompt and economic settlement of disputes.
- Federal Arbitration Act (FAA)
- Federal statute favoring arbitration that withdraws from the states the power to require a judicial forum for the resolution of disagreements if the parties by contract have agreed to solve the peoblem by arbitration.
- Alternative Resolution Disputes Act
- In 1998, Congress adopted yhis act. Mandates all federal coutts, including bankruptcy courts, to send litigants to ADR beofre proceeding with litigation.
- Revised Uniform Arbitration Act (RUAA)
- In 2000, the National Conference of Commissioners on Uniform State laws promulgated the act. Under consideration by state governments.
- Judicial Arbitration
- compulsory, court-mandated arbitration.
- Award
- Arbitrator's decision.
- Contractual Agreement to Arbitrate
- Arbitration established by contractual agreement entered into either before or after a dispute occurs.
- Binding Arbitration
- Arbitration that is binding once parties have agreed in writing to submot a contovercy to arbitration. Alegal action cannot be brought id the parties have agreed to submit a controvercy to arbitration.
- med / arb
- Hybrid system that first uses mediation and ten arbitration to reach a resolution.
- Fact Finding
- Investigative process by which a third party will investigate the issues and make findings of fact to present to the court or other body charged with ruling on the issues.
- Minitrial
- A form of alternative dispute resolution in which the parties present their arguments or part of a case to a judge or advisory jury that renders a decision in order ro encourage settlement.
- Private Judge
- A judge, usually retired, who is hired by parties to resolve a dispute because of his or her subject matter expertise in the area of dispute. Also called a referee.
- Short Trial
- One day trial conducted with a minimum of four jurors.
- Partnering
- This term is used in large construction contracts to assist in building a framework to handle any disputes that may arise among the contractors. Normally a neutral facilitator arranges a procedure to handle these disputes in an expiditious manner. The purpose is to take care of small disputes when they arise in order to prevent larger disputes.
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United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards
(New York Convention) -
Signed by 73 contries
Convention that allows the enforcement f arbitrated awards in any of the signature countries. -
InterAmerican Convention on International Commercial Arbitration
(Panama Convention) - Convention that created the agreement among the United States, Mexico, and Latin American countries to submit disputes surrounding commercial transactions to arbitration.
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United Nations Commission on International Trade Law
(UNCITRAL) - Commission that developes model laws that cover international commmercial transactions.