US Economy

 

All these devices have as their well-known denominator the attempt to resolve disputes in forums other than the courts via processes other than litigation. The longest-standing and most enduring form of ADR is arbitration, "a technique --set up by agreement from the parties-- to appoint an impartial third party who hears [the] dispute and makes a binding determination upon the facts, the applicable law and also the contract." Mediation is "a method whereby a neutral third party assists disputing parties reach a mutually acceptable agreement." The others are much less formal dispute resolution mechanisms. In negotiations, the parties resolve their disputes directly without the need of the intervention of third parties. In mini-trials and early neutral evaluation, an impartial third party hears the presentations with the parties and renders its opinion as to how the dispute is also resolved that is not binding over a parties. In 'high-low' arbitration, the opinions with the arbitrators set outer bounds for their determination from which the parties can choose. In 'baseball' arbitration, every side puts forward its very best position as well as the arbitrator chooses one; and in 'night baseball' arbitration, probably the most positions from the parties are presented to the arbitrators in sealed presentations.

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