A Financial Dispute Resolution Hearing
What is a financial dispute resolution after all?
Financial dispute resolution (FDR) can be defined as a court hearing under which the parties involved reach a settlement. When we say settlement, it doesn’t mean final settlement, but steps are taken to accelerate settlement. A FDR takes place in a courtroom. The courtroom mentioned is not a normal courtroom as one would think, it’s generally a small room where parties concerned sit and discuss matters. The representatives of both the parties concerned sit at two opposite tables. The parties discuss the matters concerning the property. The parties are required to sit and discuss the points put in behalf of them and those put on behalf of the other party. The judge goes through the whole proceedings and finally comes to some kind of negotiations.
Only after the judge has gone through the whole case, he indicates when the parties involved may retire from the trial room and engage in further negotiations.
One may think that why financial dispute resolution is better than normal litigation. This is mainly because of the following reasons:-
1. Such type of resolution is better than normal court proceedings mainly because they are less stressful. In other words, they are less complex and not as tedious as normal litigation process.
2. Such type of resolution generally takes place behind closed doors and in a hushed up manner. This means that complete secrecy is maintained and every matter is kept confidential.
3. One of the best things of such type of resolution is that the parties involved can take part in the final decision. In other words, there is active participation of the parties involved.
4. Another benefit is that the decision taken is impartial. In other words, there is no favoritism or nepotism that is followed. The parties concerned are assured of a fair trial .
After going through the whole process of financial dispute resolution , the final assumption is made and the case is forwarded to the judge who makes the final decision. Hence, we can see that this whole process of financial dispute resolution is easy and uncomplicated one. The parties involved can be assured of some fair trial. There is not much stress involved and one can be assured that proper secrecy and confidentiality is maintained. The dispute is resolved in a hassle free manner.