Pete Owns a Small Store

question 67

Essay

Pete owns a small store. He has noticed that when he is not at the store monitoring his employees, his revenue goes down. What are two changes Pete could make to wages he pays his employees to correct this problem?

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Definitions:

Nonbinding Mediation

A voluntary dispute resolution process in which a neutral third party helps the disputing parties reach a mutual agreement, which is not legally enforceable.

Early Neutral

A dispute resolution process where a neutral third party assesses the merits of the case early on to assist in settlement or case management.

Collaborative Law

A legal process enabling couples who have decided to separate or end their marriage to work with their lawyers and, on occasion, other family professionals in order to avoid the uncertain outcome of court and to achieve a settlement that best meets the specific needs of both parties and their children without the underlying threat of litigation.

Binding Arbitration

A legal procedure where a dispute is resolved by an arbitrator whose decision is final and legally enforceable.