Alternative Dispute Resolution
Full Video Transcript
It's no secret that lawsuit in the United States are often stressful, long and expensive. Because of this, many people are turning to other methods to settle their disputes. Mediation and arbitration are two forms of alternative dispute resolution that have emerged as popular ways to resolve conflict without resorting to litigation. With mediation a neutral third party sits a sort of an adviser between the two parties. The mediator listens to both sides, makes suggestions about how the parties might mutually resolve their conflict and tries to help the parties reach such an agreement. Mediation is not designed to find one party at falt or declare a winner, rather it's designed to create a win-win solution. Arbitration, on the other hand, is a process that does to clear winner. A private judge hears evidence and arguments on both sides before reaching a verdict, very similar to regular court case only less formal. Arbitration can be either binding, which means no appeal can be made, or non-binding. The advantage of alternative dispute resolution is that it is typically quicker and less expensive thing going to court.