What is the Full form of ADR in business?
The full form of ADR is Alternative dispute resolution (ADR) and it refers to the different ways by which people can resolve disputes without a trial.
Frequently Asked Questions
The full form of ADR is Alternative Dispute Resolution. It refers to methods used to resolve legal disputes outside traditional court proceedings. Common forms of ADR include arbitration, mediation, and conciliation, which aim to provide faster, cost-effective, and mutually agreeable solutions to conflicts.
The primary types of ADR are arbitration, where a neutral third party gives a binding decision; mediation, where a mediator facilitates negotiations between the parties; and conciliation, which is similar to mediation but involves a conciliator actively proposing solutions. These methods are widely used in civil, commercial, and family disputes.
ADR is important because it reduces the burden on courts by providing a faster and more flexible way to resolve disputes. It is less formal, more cost-effective, and often preserves relationships between disputing parties by fostering collaboration and mutual understanding, making it an essential part of modern legal frameworks.