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List and briefly explain the advantages and disadvantages of a sole proprietorship.
Formal Mediation
A structured process where an impartial third party helps disputing parties reach a resolution by facilitating communication and negotiation.
Binding Arbitration
A dispute resolution process where a neutral third party makes a decision that is legally enforceable and must be adhered to by all involved parties.
Compensation Strategy
Approaches used in negotiation or conflict resolution where one party offers something of value to the other as a form of reparation or to balance out an imbalance.
Integrative Resolution
A negotiation outcome that creatively addresses the interests of all parties involved, leading to mutual gains or win-win situations.
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