BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Negotiations may preserve and in some cases even enhance the relationship between the parties once an agreement has been reached between them. Opting for negotiation instead of litigation may be less expensive for the parties and may reduce delays.

Detailed explanation-2: -Litigation is generally thought of as the process of resolving rights-based disputes through the court system, from filing a law suit through arguments on legal motions, a discovery phase involving formal exchange of information, courtroom trial and appeal.

Detailed explanation-3: -Negotiation allows the parties to meet in order to settle a dispute. The main advantage of this form of dispute settlement is that it allows the parties themselves to control the process and the solution. Negotiation is much less formal than other types of ADRs and allows for a lot of flexibility.

Detailed explanation-4: -Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.