BY NUR AFIQAH BINTI MOHD ISA NOOR FATHIHAH BINTI MOHD JASRIB NUR SUZANNA BINTI AZMI MURAD International Business Law
DEFINITION Any method of resolving disputes other than by litigation Major form of ADR Arbitration Mediation Other ADR Conciliation Negotiation
Process in which a neutral party the arbitrator hears a dispute between one or more parties and after considering all relevant information render a final decision in favor of one parties
Parties can choose who is to be their arbitrator Flexible Free to choose whoever they wish to be their case for them Can be enforced over all other dispute resolution method Costly high Procedure and process used in process can be complex Generally not available
Parties want privacy Do not share the same legal jurisdiction Nature of dispute is specialized One or both parties want swift resolution of dispute
DEFINITION A way of resolving disputes between two or more parties with concrete effects ADVANTAGE Rapid settlements Mutually satisfactory outcomes High rate of compliance Comprehensive and customized agreement Greater degree of control and predictability of outcome
Preservation of an ongoing relationship or termination of a relationship in a more amicable way Workable and implementable decision Agreement that are better than simple compromises or win/lose outcome Decisions that hold up over time
DEFINITION A process through which two or more parties may explore and reach a negotiated solution to their conflict with the help of a third neutral and disinterested party, the conciliator MAIN BENEFITS Ensure party autonomy Ensure the expertise of the decision maker Conciliation is time and cost efficient
DEFINITION A dialogue between two or more people or parties intended to reach an understanding, resolve points of difference, to gain advantage for an individual or collective, or to craft outcomes to satisfy various interest
Have more confidence and higher tendencies to plan to use a cooperative strategy Increase the likelihood that parties will reach their instrumental goals, and enhance the ability to find integrative gain Better decision making process Post negotiation positive affect has beneficial consequence as well
Various negative emotion Negative emotions lead to acceptance of settlement that are not in the positive utility function but rather have a negative utility