If you're in the mob, this term includes leg breaking, awl-in-nostril-shoving, and potential sleeping-with-the-fishes-type scenarios. Outside the mob, it just means using something other than a lawsuit to figure out conflict. This technique can include things like arbitration or using a mediator to attempt to resolve a dispute. So you get more Social Network and less Goodfellas. And yes, some of these glossary terms really are what they sound like they should be about.
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Finance: What is Arbitration?5 Views
finance a la shmoop what is arbitration? was it Shakespeare who mused about [Shakespeare on stage discussing arbitration]
killing all the lawyers, wasn't that Henry the sixth or something mmm well if he
done so well that'd make arbitration not necessary...So first what is arbitration?
well basically it's the adjudication of a case outside of the formal normal
court system which is massively clogged in the United States like it needs a [Man unclogging toilet]
million gallon enema kind of clogged... The cost of fully adjudicating cases has
become astronomically expensive and time-consuming and filled with silly [Contract loopholes highlighted]
loopholes that make getting to a real just conclusion painful if not
impossible so it has become common practice for parties entering a
partnership or a contract in whatever form to agree to arbitration if a big
fat hairy conflict arises down the road you know...In arbitration both sides agree [A hairy monster appears in the woods]
to hiring a separate judge usually a retired judge from the normal court
system.. In arbitration
everyone simply relies on the arbitrating judge to be fair lots of [Judge stamped fair]
silly loopholes go away and "justice" in whatever form is
arrived at well hopefully faster and if that doesn't work well you can always do [Shakespear carrying a lawyer on a ship and throws him overboard]
things to Shakespeare way...
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