Private dispute resolution will pave the way for party controlled and economical mediation between parties in finance disputes, believes Michael Cover
Private dispute resolution comprises a range of non-court based approaches involving the appointment of a neutral or neutrals. These processes cover arbitration, mediation, adjudication (including dispute boards) and expert determination.
Such methods of dispute resolution share a number of key characteristics. These include (i) a third party neutral(s) appointed and paid for by the parties or over whose selection the parties have some influence; (ii) it is a confidential or at least private process entered into by the agreement of both parties. This is either following a dispute resolution clause in an agreement or a submission agreement which may be done on an ad hoc or institutional basis.
These dispute resolution meth...
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