The battle to recover funds that were unjustly charged from your account need not cost thousands in lawyers fees and endless hours in court. Welcome to the simplified world of alternative dispute resolution.
What is Alternative Dispute Resolution?
Alternative dispute resolution is a mechanism designed to offer a variety of procedures and techniques for parties to reach an agreement. It provides a means for resolving disputes outside of the courtroom therefore bypassing the need for litigation.
That being said, this alternative is often used as an instrument to resolve disputes alongside the court system itself.
Indeed, over the last few years, this option has acquired universal acceptance among legal professionals and the general public. Certain courts now require some form of alternative dispute resolution, usually mediation, before allowing cases to be tried.
Alternative dispute resolution can typically be classified into four categories; negotiation, mediation, collaborative law, and arbitration.
The Case for Avoiding Litigation
The rise in popularity of alternative dispute resolution can be explained by a number of factors. Firstly, the increasing number of cases in traditional legal institutions has created somewhat of a backlog in the courts. Secondly, the idea that this alternative is often more cost effective compared with traditional methods. Thirdly, the preference for confidentiality and anonymity regarding a dispute. Finally, formal procedures and investigations can often be stressful to both parties leading many to prefer alternative approaches.
What are the Advantages?
Dealing with complex disputes between two or more parties is often better resolved away from the comparatively expensive court system. It should be noted that some disputes do not necessarily have a legal solution to adjudicate on. Furthermore, disputes can often be compounded by court action. There are, therefore, a number of advantages for choosing an alternative process, in particular mediation over litigation.
Alternative dispute resolution:
- Is generally more expedient and less costly
- Is more informal and offers practical solutions
- Is more flexible and responsive to the individual needs of those involved
- Is suitable for multi-party disputes
- Is more confidential in nature
- Is a less confrontational alternative to alternative legal systems
- Allows parties to control the process and choice of forum
- Allows for a wide range of issues to be considered
- Is more likely to preserve goodwill or at least not escalate the conflict, which is especially important in situations where there is a continuing relationship
The Bottom Line
Alternative dispute resolution offers a more simplistic and pragmatic approach to fund recovery. It offers many benefits compared with traditional methods concerning dispute resolution. If you feel you have a case to recover funds unjustly charged to your account, contact MyChargeBack today for a free fund recovery consultation. We’re a financial services firm with a global reach. Working opposite over 800 banks, we have helped clients on every continent recover millions of pounds, euro and dollars in funds that they thought were lost for good.