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Alternative Dispute Resolution – with New Mexico Financial Law
ADR proceedings are usually collaborative and allow both parties to understand the other’s position. ADR can allow each party to come up with a more creative resolution that litigation may not legally be allowed to institute.
ADR terms:
Arbitration – is a technique for the resolution of disputes outside the courts. The parties to a dispute refer it to arbitration by one or more persons and agree to be bound by the arbitration decision. A third party reviews the evidence in the case and imposes a decision that is legally binding on both sides and enforceable in the courts.
Binding and Non-Binding Agreements – Binding decisions are rulings that the parties must abide by whether or not they agree with them. Non-binding decisions are rulings that the parties may choose to ignore.
Arbitrator – An impartial person who after hearing both sides of an issue has the power to resolve a dispute.
Hearing – A proceeding where a mediator type person will make a ruling based on arguments and evidence presented.
Mediation – the attempt to help parties in a disagreement to hear one another, to minimize the harm that can come from disagreement to maximize any area of agreement, and to find a way of preventing the areas of disagreement from interfering with the process of seeking a compromise or mutually agreed outcome.
When should I hire an ADR attorney?
Even though Alternative Dispute Resolution can defer stress, legal fees and the formality of the courts, clients may still hire a lawyer to represent their best interest. You may want to also seek advice before your first ADR proceeding. With all legal disputes, you should hire an attorney who has experience in your particular legal issue.
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