ADR won’t stay second choice for long

Private dispute resolution will pave the way for party controlled and economical mediation between parties in finance disputes, believes Michael Cover

10 Jun 2014

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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