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Alternative dispute resolution (ADR), or external dispute resolution (EDR), typically denotes a wide range of dispute resolution processes and techniques that parties can use to settle disputes with the help of a third party. [1] They are used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also ...
The first ADR was introduced by J.P. Morgan in 1927 for the British retailer Selfridges on the New York Curb Exchange, the American Stock Exchange's precursor. [4] They are the U.S. equivalent of a global depository receipt (GDR). Securities of a foreign company that are represented by an ADR are called American depositary shares (ADSs).
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ADR generally depends on agreement by the parties to use ADR processes, either before or after a dispute has arisen. ADR has experienced steadily increasing acceptance and utilization because of a perception of greater flexibility, costs below those of traditional litigation, and speedy resolution of disputes, among other perceived advantages.
Arbitration is not the same as judicial proceedings (although in some jurisdictions, court proceedings are sometimes referred as arbitrations [3]), alternative dispute resolution, [4] expert determination, or mediation (a form of settlement negotiation facilitated by a neutral third party).
Online dispute resolution (ODR) is a form of dispute resolution which uses technology to facilitate the resolution of disputes between parties. It primarily involves negotiation, mediation or arbitration, or a combination of all three.
The ADR Institute of Canada (ADRIC), is a non-profit organization that offers alternative dispute resolution services to its members and the public across the country. It is one of the leading authorities on ADR in Canada, offering highly respected professional designations for both mediation and arbitration, with plans for a mediation and arbitration (Med-Arb) designation in the works.
The principle of voluntariness applies to the right of parties to self-determination once they are in the mediation—not to the mechanism for initiating the mediation process. Much mediation also results form mutual consent because they are non-binding and they encourage the exploration of interests and mutual benefits of an agreement.