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BUS220 - Chapter 4


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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.
Process in which two or more people meet to discuss their differences and attempt to arrive ata settlement that is acceptable to both.
Third party sucessfully gets conflicting parties to accept an agreement, but does not participate in the negotiations.
Process of promoting voluntary compromise or resolution of a dispute usually initiated before arbitration.
Procedure in which both parties submit their case to an impartial thrid party (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.
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.
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.
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.
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.
United Nations Commission on International Trade Law
Commission that developes model laws that cover international commmercial transactions.

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