Alternative Dispute Resolution or ADR, is an alternative to taking a dispute to court or to arbitration.
It is widely recognised that the Court system is overloaded, and as a result, it can take years for a legal case to go to trial. One of the main benefits of ADR is that it provides faster resolution and, secondly, much lower costs than going to trial.
The fact of the matter is that the majority of legal disputes are resolved before going to trial. The process by which these conclusions arise is called ADR, or alternative dispute resolution. ADR is commonly practiced in the UK and increasingly, can be ordered by the court – with good reason. Read on to learn how you and your clients might reap the benefits of ADR.
The two most common types of ADR are mediation and expert determination. In both cases, a neutral third party is selected to help resolve the dispute. In general, mediation is a more informal process where the two parties work together to settle on mutually agreeable terms. The role of the mediator is not to judge the case, but to assist the parties in reaching a voluntary settlement.
Expert determination also involves a neutral third party, but in this case, the expert determiner, will act as the alone to make a legally binding decision regarding the dispute. During the expert determination, the parties will make statements and submit evidence for review, but neither party is involved in the determination process.
ADR can be used to resolve many types of legal disputes, including:
breach of contract
wills and probate disputes
If you or your clients are struggling to conclude a financial dispute, it may be advantageous to appoint an independent third party to help you resolve the dispute.
As Forensic Accountants, we are qualified to undertake both Mediation and Expert Determination, having trained with The Academy of Experts and have experience in providing commercial mediation and expert determinations that are final and legally binding on the parties.