Conflict avoidance, management and dispute resolution procedures L1 Flashcards
What is a conflict?
An unresolved disagreement between two or more parties.
When do disputes arise in your role?
Typically when expectations are not managed, or when communication breaks down.
What can you do if negotiations break down?
Seek to mediate myself, try to reset the relationship, seek third party intervention.
What is a conflict of interest?
A situation where a person or organisations interests are at odds with what is in the best interest of the client.
What do the RICS Rules of Conduct say about avoiding conflicts of interest?
The RICS Rules of Conduct set out an overarching obligation for both RICS-regulated firms and members to always act with integrity and avoid conflicts of interest and any actions or situations that are inconsistent with their professional obligations.
Give examples of ways that conflict can be avoided.
Clear and honest communication
Detailed follow up in writing
Clear terms of engagement
Effective communication between landlord and tenant, especially post negotiation.
How can good client management reduce conflict?
It keeps clients involved with what is happening and manages their expectations of the process.
How can good record keeping avoid conflict?
Good record keeping, specifically following up on verbal communication in writing to confirm what has been agreed, allows the other party to confirm if you have misunderstood as well as acting as an historic record of what has been agreed to avoid disagreements later on.
What are the three pillars of dispute resolution?
Negotiation, mediation, and third party intervention
How do mediation and conciliation differ globally?
concilliation is a more formal process typically with power to make determinations.
What is Alternative Dispute Resolution (ADR)?
Means of using a third party to resolve a dispute that doesn’t involve litigating through the courts.
Can you tell me about any RICS guidance relating to conflicts of interest?
Conflicts_Of_Interest_UK_Commercial_Property_Market_Investment_Agency_2022
Conflicts of interest 2017 Professional statement.
If pushed, it defines the nature of conflicts, and also provides instruction on mitigating or managing strategies, ie Chinese Walls
What is the practice of dual agency/double dipping?
Acting on both sides of the instruction, strictly forbidden.
Can you tell me about any recent RICS guidance relating to dual agency/double dipping?
Conflicts_Of_Interest_UK_Commercial_Property_Market_Investment_Agency_2022
What is the difference between an arbitrator and an independent expert?
One acts on the authority of the lease and the other under the rules of the arbitration act. Arbitrator is trained specifically in their role where independent exert is a senior professional with the appropriate experience.
