Alternative dispute resolution can be described as the strategy and process used to achieve an agreement between disputing sides. There are many options available, including mediation, negotiation and arbitration. Stacey and Elizabeth had a disagreement over rent payments and heater repairs during this conversation. Stacey is looking for a swift and cost-effective resolution to their dispute. This article discusses the advantages and disadvantages associated with mediation, arbitration and litigation, along with her best options.
A mediator is an informal process for resolving conflict that involves a neutral third-party. Both parties can benefit from the mediation process by having separate and combined meetings. The mediator helps them to better understand each other and facilitates a settlement. Mediating is a useful tool due to its flexibility, speed, ease of use, low cost and lack of secrecy between the parties. Mediation is not a good option if one party is not willing to resolve the dispute or withholds any information. This requires the hiring of a creative and professional mediator.
Arbitration involves the hiring of one or more arbitrators, who render a legally binding decision between disputing parties. The benefits of arbitration include professional arbitrators being employed, a low cost of hiring juries and time savings because there are no issue-discussions. There are disadvantages, such as parties losing control over and not participating in binding agreements. A form of conflict resolution, litigation is where the parties present their issues to a court. The planning and execution of court procedures is part of litigation, so it can take a lot of time. The procedure is expensive and does not provide confidentiality.
Stacey, Elizabeth and Elizabeth have a history and disagreement. Mediation is the best method to end their arguments. Hiring a professional mediator would be the best option. Next, the mediator will listen to both parties individually and help them negotiate a legally binding agreement. It would involve a shorter process and less costly setups.