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Private GovernanceCreating Order in Economic and Social Life$
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Edward Peter Stringham

Print publication date: 2015

Print ISBN-13: 9780199365166

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780199365166.001.0001

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When Third-Party Review Is “Necessary”

When Third-Party Review Is “Necessary”

Adjudication by Contract

Chapter:
(p.148) chapter 10 When Third-Party Review Is “Necessary”
Source:
Private Governance
Author(s):

Edward Peter Stringham

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199365166.003.0010

Mechanisms of private governance can align incentives and eliminate most of the need for third-party adjudication, but when trading partners consider third-party adjudication beneficial, they can designate private parties for that role. The precursors to modern commercial arbitration and mediation were used to settle advanced commercial disputes at Lloyd’s of London (formerly Lloyd’s Coffeehouse) two centuries ago. Because participants bear the costs and benefits of different types of external review, they agree only to dispute-resolution methods that are ex ante beneficial to both. In contrast to a coercively imposed dispute “resolution” system, parties that both agree to arbitrate will select an arbitration system whose rules and procedures they consider fair.

Keywords:   alternative dispute resolution, mediation, arbitration, conciliated negotiation, third-party adjudication

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