Final exam Essay Example | Topics and Well Written Essays - 1000 words - 1

Final exam - Essay Example Because of court queues, time delays and elevating costs of litigation continue to affect litigants; many states have decided to experiment with ADR programs. Some of these programs are mandatory while others are voluntary. Despite arbitration and mediation being the major forms of ADR, negotiation is in most cases attempted first so as to resolve dispute. This is because it is the best mode of resolving a dispute. Negotiation creates a forum whereby the parties involved can meet so that they can settle a dispute. The main benefit of negotiation is that the parties involved have the opportunity to control the negotiation process and come up with solutions themselves. Another informal alternative to litigation is mediation. Mediators are those individuals who have been trained carry out negotiations. They bring together the opposing parties by trying to figure out the kind of agreement or settlement, which both parties can accept. Mediation can be applied in a wide variety of case-types ranging from federal government negotiations to minor juvenile felonies. It is also a significant method in solving of disputes that arise between shareholders and their stock brokers. Arbitration, on the other hand is a simplified version of a trial that involves limited discovery and rules of evidence. Arbitration is normally headed and decided by an arbitral committee. To comprise a committee, both sides can either agree on a single arbitrator, or each side can select one arbitrator after which the two arbitrators can elect the third arbitrator. During arbitration process, the committee only meets for a few hours and this may last for probably a week. After this, the committee then deliberates and issues an arbitral award, or a written decision. The agreement made during arbitration is enforceable under both state and federal law. The World Economic Forum is a global institution that has the