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The President of the Gulf Coast Refining Corporation Wants to Know

question 55

Essay

The president of the Gulf Coast Refining Corporation wants to know why his golfing partner, who is the chief financial officer of a large construction company, calculates his costs by the job, but his own corporation calculates costs by large units rather than by individual barrel of oil.


Definitions:

Arbitration

A method of resolving disputes outside of court, where an impartial third party (the arbitrator) makes a decision after hearing all sides.

Dispute Privacy

The contention or disagreement over the handling, sharing, or protection of personal data and information.

Mediation Confidential

A principle that ensures all discussions, negotiations, and documents produced during mediation cannot be disclosed or used in court.

ADR

Alternative Dispute Resolution, a range of procedures such as mediation and arbitration for resolving disputes without the need for litigation.

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