Assignment Essay Example | Topics and Well Written Essays - 750 words - 14

Assignment - Essay Example Arbitration, collaborative and mediation are the three methods of alternative conflict resolution (Law info web). These methods are applied to settle various business conflicts depending on their suitability. Mediation involves the use of an independent mediator. The mediator mediates the different parties involved in the conflict by providing a solution that is appropriate to the concerned parties. The successful negotiations in 1997 between the World Bank and the mining sector serve as a good illustration of the usefulness of mediation as a method of dispute resolution. This case involved the World Bank and the mining industry with the delays in disbursement of funds being their main conflict. In this conflict, the Ukraine Mediation Group (UMG) acted as the mediator between the two parties. With UMG’s mediation, the two parties settled for the restructuring of the mining industry as a fundamental solution to their problem. Periodical disbursement of the disputed funds was also part of the solution. This case gives an example of how mediation can be applied to resolve business conflicts effectively. Arbitration is the second important method of alterative conflict resolution. In this method, parties involved in a conflict agree to do or not do something voluntarily (Jaffe and Stamato 16). Similar to mediation arbitration require the presence of an impartial party or person to stand between the parties involved in the conflict. Arbitration has often been regarded as the most appropriate method of resolving business conflicts in relation to the speed of finding a working solution. Unlike the previous form of conflict resolution, arbitrations may take place even before the actual conflict occurs. Signing of an employment contract is an example of arbitration between an employer and an employee. In this arbitration, the employer and the potential employee agree on their working condition and define their