Alternative ways of resolving disputes in the field of contract law

Abstract

In today's world, the speed and efficiency of resolving disputes in the field of contract law are of great importance for businesses and individual participants. Traditional litigation is often notorious for its length and high costs. In this regard, alternative methods, such as mediation and arbitration, are gaining more and more popularity. Their advantages, such as speed, confidentiality, and greater party autonomy, make them attractive for the resolution of contractual disputes. The article explores alternative dispute resolution methods in the field of contract law, including mediation, arbitration, and confidential settlement. The purpose of the study is to analyze alternative ways of resolving disputes in the field of contract law. Research methodology includes such methods as empirical method, comparative analysis method, forecasting method, and logical methods. As a result of the study, alternative ways of resolving disputes in the field of contract law and the advantages of each method compared to traditional court proceedings are considered and also provide examples of successful application in practice. The results of the study show that alternative dispute resolution methods in the field of contract law, such as mediation, arbitration, and confidential settlement, have some significant advantages compared to traditional litigation. In addition, current trends in the use of these alternative methods in modern contract law are investigated. The study also indicates that the success of these alternative dispute resolution methods in the field of contract law depends on mutual trust between the parties, who are ready to work together to achieve a mutually beneficial resolution of the conflict.