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March 25 2020
Yes. There is an Alternative Dispute Resolution mechanism for resolving business disputes. The common forms of ADR include mediation, arbitration, negotiation, conciliation, mini-trials, etc. There are hybrid ADR procedures involving two of any of the listed forms. Some of the comparative advantages they offer include party autonomy over outcome and procedure, preservation of existing relationships, flexibility, cost-effectiveness, and timely resolution. In recent times, courts have often recommended ADR measures for resolving conflicts before heading to trial if it fails.