1. BY NUR AFIQAH BINTI MOHD ISA NOOR FATHIHAH BINTI MOHD JASRIB NUR SUZANNA BINTI AZMI MURAD International Business Law

2.  DEFINITION  Any method of resolving disputes other than by litigation  Major form of ADR  Arbitration  Mediation  Other ADR  Conciliation  Negotiation

3.  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

4.  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

5.  Parties want privacy  Do not share the same legal jurisdiction  Nature of dispute is specialized  One or both parties want swift resolution of dispute

6.  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

7.  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

8.  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

9.  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

10.  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

11.  Various negative emotion  Negative emotions lead to acceptance of settlement that are not in the positive utility function but rather have a negative utility