Constraction contract law Essay Example | Topics and Well Written Essays - 750 words

Constraction contract law - Essay Example The conflicting parties must compromise their situations so as to reach an agreement. In this study, we are going to examine the various forms of dispute resolutions and therefore, establish the most efficient and yet economical way of solving disputes. Arbitration is a form of solving disputes which involves the resolution in outside the courts. The parties agree to refer their dispute to another person or other persons (arbitrator or arbitral tribunal). They thus agree to be bound on the decision of the arbitrator. The arbitrator must be someone the conflicting parties trust and have confidence in. also, it is imperative to note that arbitration can be either voluntary or mandatory. Mandatory arbitration can come from statutes and contracts voluntarily entered, without specifically, knowing that any dispute will occur. Arbitration involves either hiring an arbitrator or a voluntary one coming forward. Just like in the courts there are fees charged on arbitration. In addition, Arbitration might not solve the differences because a third party is the one who imposes the verdict on the conflicting parties (Andrea Schneider & Christopher Honeyman, eds., 2006). Therefore, one can feel dissatisfied even after arbitration because either the arbitrator did not understand the situation or just made a wrong verdict. Mediation on the other hand, is a form of dispute resolution where the conflicting parties finds a third party, a mediator, who assists the parties to negotiate. The process of mediation is generally private and the presence of a mediator is the distinguishing factor in this process. the mediator must always be impartial. An example of where mediation bore fruit was in the Republic of Kenya in 2007 when two conflicting presidential aspirants who both claimed that they had won the elections mediated. The mediator was Koffi Annan and the mediation led to the formation of a coalition Government. However, mediation may not be the most