What Methods are Commonly Used for Dispute Resolution?
Several methods are commonly included in dispute resolution clauses:
1. Negotiation: An informal process where parties attempt to resolve the dispute themselves without involving third parties. 2. Mediation: A neutral third party, the mediator, helps the parties reach a mutually acceptable solution. 3. Arbitration: A more formal process where an arbitrator makes a binding decision on the dispute. 4. Litigation: Taking the dispute to court, which is typically a last resort due to its high costs and time-consuming nature.
