Business Law Essay Example | Topics and Well Written Essays - 1500 words - 25

Business Law - Essay Example â€Å"Procedures for settling disputes by means other than litigation; e.g., by Arbitration, mediation, or minitrials. Such procedures, which are usually less costly and more expeditious than litigation, are increasingly being used in commercial and labor disputes, Divorce actions, in resolving motor vehicle and Medical Malpractice tort claims, and in other disputes that would likely otherwise involve court litigation.† Reading and understanding from the above definition, it can be interpreted that ADR is an alternate mechanism for justice which is less costly and more expeditious. Alternate Dispute Resolution consists of Arbitration, Mediation and Conciliation. Arbitration is a process by which the parties to the dispute appoint an independent Arbitrator who judges the case for the respective parties. This independent arbitrator is appointed on the behest of both the parties. Once the arbitrator is decided, the venue for the arbitration depends upon the parties to the matter. Unlike the Court system where the venue is decided as the courts itself, here the parties have more autonomy towards the way the case is going to take place. Hearings take place in accordance to the whims and fancies of the parties, and therefore the whole procedure is way more relaxed and chilled out. Mediation and Conciliation are the less popular form of ADR trials. These systems envisage a concept where the parties mediate and conciliate with the other parties on their own without the admission of an arbitrator. The process of Mediation and Conciliation is considered to be more in the zone of a personal conversation rather than a legal case going on. The idea of ADR has always been to allow a more open and calm approach towards justice delivery system. And it has ben quite successful in the Europe and UK with a streamlined method of arbitration, medication and conciliation process in practice. The ADR Group is a world-renowned