2. Your project has a vendor that is under a firm fixed price contract and the seller has filed a claim. Which of the following is the preferred method of settling this dispute? A. Litigation B. Negotiation C. Mediation D. Arbitration
Question
- Your project has a vendor that is under a firm fixed price contract and the seller has filed a claim. Which of the following is the preferred method of settling this dispute? A. Litigation B. Negotiation C. Mediation D. Arbitration
Solution
The preferred method of settling this dispute would be B. Negotiation. This is because negotiation allows both parties to discuss the issue and come to a mutual agreement, which is usually quicker and less costly than other methods such as litigation, mediation, or arbitration. It also helps to maintain a good relationship between the buyer and the seller, which is important for future business interactions.
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