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.
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