Alternative Dispute Resolution Strategies in Business: A Case of Companies Listed at the Nairobi Securities Exchange
Keywords:
Traditional Court System, Alternative Dispute Resolution, Cross Border Business, Nairobi Securities ExchangeAbstract
The objective of the study was to analyze the alternative dispute resolution strategies used in business. It was limited to companies listed at the Nairobi Securities Exchange in Nairobi, Kenya. Businesses have found the traditional court system to be costly, time consuming, formal, rigid and lacking in confidentiality. Further, as business is often conducted in space with no obvious boundaries coupled with cross border deployment of assets, enforcing court orders has posed challenges. The research design that was used was the census design. The study used primary data which was collected through a structured questionnaire comprising of closed and open-ended questions. It was found that organizations are increasingly employing Alternative Dispute Resolution (ADR) mechanisms which include arbitration, mediation, facilitation and training as a means of solving disputes. Focus should however be on appropriate rather than alternative dispute resolution strategies. It would be crucial to incorporate ADR in the school syllabuses.
Keywords: Traditional Court System, Alternative Dispute Resolution, Cross Border Business, Nairobi Securities Exchange
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