Alternate dispute resolution (ADR) refers to procedures and techniques in which disputes are settled outside of the courtroom. These settlements are often negotiated by legal counsel representing the company. There are several types of ADR depending on the dispute. The federal government, large businesses, and small businesses can all benefit from resolving complaints this way. If your company has good corporate governance, it typically means there is a strong relationship with stakeholders, often including disclosure and transparency processes when sharing financial and operational aspects of the company.
Select one type of ADR. Provide an example of a business dispute that would use this type. How can using this type mitigate the concerns? Who from the business would need to be involved?
- By Thursday, respond to the prompt above in a minimum of 175 words.