Asked by Gabriel Miranda on May 08, 2024
Verified
In med-arb, the same neutral third party first tries to get the parties to reach an agreement as the mediator and, if that fails, will deliver a final and binding arbitration decision.
Med-Arb
A hybrid dispute resolution process combining aspects of mediation and arbitration, where a mediator may become an arbitrator if issues cannot be resolved through mediation alone.
Neutral Third Party
An impartial entity involved in resolving disputes or negotiations between two other parties.
Binding Arbitration
A method to resolve disputes where a neutral third party makes a decision that is final and enforceable.
- Differentiate among assorted strategies for settling disputes, such as arbitration, fact-finding, and med-arb.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
True
Explanation :
In med-arb, the neutral third party acts as both a mediator and an arbitrator. They first try to facilitate an agreement between the parties as a mediator, and if that fails, they will proceed to make a final and binding decision as an arbitrator.
Learning Objectives
- Differentiate among assorted strategies for settling disputes, such as arbitration, fact-finding, and med-arb.