List and Define the Methods of Alternative Dispute Resolution (ADR)

question 111

Essay

List and define the methods of alternative dispute resolution (ADR) discussed in the text. Are all methods of ADR voluntary? Discuss mandatory ADR.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the payer's accounting system but have not yet been cleared or cashed by the recipient.

Bank Statement

A summary of financial transactions that have occurred over a given period on a bank account held by a person or business with a financial institution.

Notes Receivable

Claims against debtors that are supported by formal agreements or promissory notes, specifying the amounts owed and payment terms.

Discount On Notes Receivable

An amount deducted from the face value of a note to reflect the interest revenue over the term of the note.