You will prepare and submit a term paper on Alternative Dispute Resolution. Your paper should be a minimum of 1250 words in length. The same case was in the court for more than the past 30 months and the court was not able to find a result. It was then, both parties agreed to an “alternative dispute resolution.” Both companies appointed arbitrators from their side who took less than three weeks to come up with a result, which was a “win/win” result for both of the firms (Paulsson & Freshfields, pp. 156-159, 1999). In fact, there are many other examples for these as well as the British & Common Wealth versus Atlantic computers case and Arthur Andersen versus UK government case. Therefore, alternative dispute resolution is a process of settlement and dispute resolution between two or more companies by a process that falls outside the written legal system. Arbitration is one of its types and the rest of the paper focuses on the same.
Arbitration is a form of settlement that has been there in human history for ages. However, more recently, it is gaining a wide range of acceptance and the examples of arbitration are increasing. According to a study, the success of arbitration is 80-90 percent (Estreicher & Sherwyn, pp. 23-28, 2004). This is because this procedure has some considerable advantages and benefits as compared to the traditional legal or court system. The process starts with two or more parties disputing over some issue. Either they appoint an arbitrator of their choice or any third party with their consensus chooses to arbitrate. There can more than one arbitrator as well (Paulsson & Freshfields, pp. 156-159, 1999). The arbitrator usually is an expert in the field to which the case belongs. Moreover, the arbitrator can be simply some is trusted by both of the parties. It is important here to note that the decision of the arbitrator is final, binding, and irreversible. Unlike any court’s decision, there is no room for reviewing or reevaluation until and unless both parties agree on that.