Anyone taking business law Essay Example For Students

Anyone taking business law Essay The mediation process starts by the agreement of two people whom are willing to bring in a neutral third party to settle a dispute between them. It can start almost anytime because it is the decision between the two parties. That being said it is obvious that mediation can start before a case is ever filed or as late as before a decision was ever made by the courts. To find a balanced agreement the mediator meets with both people disputing the case. He will meet with them together and privately. The mediator helps find a solution to resolve the case in only a few hours. Statistics have proven that 85% of commercial matters and 95% of personal injury matters end in written settlement agreements. Any type of civil dispute can be settled through a mediator if they choose to do so. When people use a mediator they directly get involved in the final decision and they have options that have never been thought of. Some more advantages is that it can be a fast process than going to court, it saves money, it sometimes keeps business relations, and creates ways for special needs. When a party decides to use arbitration to come up with a decision the most important step in the process is the agreement to arbitrate. This agreement can be the form of a future dispute arbitration clause in a contract or, if the party did not submit for arbitration in advance it then it can take the form of a submission of an existing case to arbitration. If parties want to provide for arbitration of future disputes they can do so by just inserting the clause into their contract. The clause should recite, We, the undersigned parties, hereby agree to submit to arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules the following controversy: (cite briefly). We further agree that the above controversy be submitted to (one)(three) arbitrator(s). We further agree that we will faithfully observe this agreement and the rules, that we will abide by and perform any award rendered by the arbitrator(s), and that a judgment of the court having jurisdiction may be entered on the award. The arbitrators are selected by a list that The American Arbitration Association gives both pa rties. After the filing of submission the list id distributed to both parties. The parties are allowed fifth teen days to cross out any names they definitely do not want. If administration is under the Expedited Procedures, the parties are allowed only seven days to study the list of five arbitrators, cross out two names, and number the remaining names in order of preference. Next the AAA will receive the list and compare. The parties may request more lists to choose from if it is necessary. Then last if an agreement has not been made the AAA makes a decision but, they will not choose any names that have been crossed out by either party. The process of the arbitration is as the following: The arbitrator makes a date and time that is available to both parties and him. It needs a ten day notice. Next each party can pick people to represent them and must give the other party a three day notice. The parties may want it recorded. If so they can request interpreters with a notification for a copy. The parties can then decide who to have as witnesses if they choose to have some. They must notify whom they want to be present. The arbitrator decides weather or not to have evidence. If he decides to have some the parties must submit it in a professional manner. The arbitrator will set a deadline which it must be in by. Next, the .