BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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.

Detailed explanation-2: -Dispute resolution processes fall into two major types: Adjudicative processes, such as litigation or arbitration, in which a judge, jury or arbitrator determines the outcome. Consensual processes, such as collaborative law, mediation, conciliation, or negotiation, in which the parties attempt to reach agreement.

Detailed explanation-3: -Types of ADR. The most common types of ADR for civil cases are mediation, settlement conferences, neutral evaluation, and arbitration.

Detailed explanation-4: -Arbitration is less formal than a trial and the rules of evidence are often relaxed. In binding arbitration, parties agree to accept the arbitrator’s decision as final, and there is generally no right to appeal.

Detailed explanation-5: -Mediation is a process wherein the parties meet with a mutually selected impartial and neutral person who assists them in the negotiation of their differences.