Computers step in for lawyers at GE
Learn the word cybersettlements. It's what GE's Oil and Gas division is trying out to see if a computers can help the company settle legal disputes. Right now, the company is only using the system in Italy and for cases that are under $65,000.
Here's how it works:
GE's process begins with automated online double-blind bidding. After a claimant pays a $500 filing fee, the supplier and GE upload relevant documents, which the opposing side can read.
The parties also enter three settlement figures--in ascending or descending order, depending on whether the party would be paying or getting paid--that would be acceptable. The figures aren't disclosed to the opposing side. If an offer and demand in any round overlap, a settlement is reached. The $500 fee is then split equally.