Question: Alternative methods include negotiation, mediation, and arbitration. In negotiation, the parties attempt to settle their dispute informally without the involvement of a third party. In

Alternative methods include negotiation, mediation, and arbitration. In negotiation, the parties attempt to settle their dispute informally without the involvement of a third party. In mediation, the parties attempt to come to an agreement with the assistance of a neutral third party, a mediator, who does not make a decision in the dispute. In arbitration, a neutral third party or a panel of experts hears a dispute and renders a decision.

Why do businesses use methods of alternative dispute resolution to settle their disputes?

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