- Web Site Attracts More Than 290,000 Hits from 75 Countries -
GREAT NECK, N.Y., Aug. 20 /PRNewswire/ -- NAM CORP. (Nasdaq: NAMC - news) -- the national provider of arbitration and mediation services and electronic case management software -- announced today that the 50th commercial client has registered to utilize its subsidiary, clickNsettle.com, the electronic settlement program. Among the companies that have registered with clickNsettle.com are Royal & SunAlliance, The Empire Insurance Group, National Grange Insurance, American Transit, Toys''R''Us, Travelers Property Casualty and more than 45 major corporations and law firms. The company reports that there have been in excess of 290,000 hits on the clickNsettle.com web site from users in over 75 countries.
Says Roy Israel, Chairman and CEO of NAM, ''Our goal is to establish the clickNsettle.com brand name on a global basis as an alternative to traditional litigation. The U.S. Chamber of Commerce indicates that from 1976 to 1996, civil litigation in this country increased from under $30 billion to over $160 billion. According to The Gartner Group, The Merrill Lynch Forum and Giga, Y2K related litigation is expected to exceed $1 trillion globally. The market potential for clickNsettle.com is extremely significant and may very well cause a fundamental shift in the handling of litigation in much the same fashion as online trading has positively affected efficiencies in the brokerage industry.''
Eugene Castro, Esq., Partner at New York City law firm Berns and Castro, and a registered user of clickNsettle.com adds, ''Our firm recently settled a case utilizing clickNsettle.com and found the ability to settle a dispute in minutes to be a beneficial alternative to the traditional means of settlement. My firm has worked with NAM with great success for a number of years. Their arbitration and mediation services are excellent, and clickNsettle.com is clearly a tool that will benefit the legal industry.''
''The level of acceptance for clickNsettle.com is exceptional and is particularly encouraging in light of the fact that we have not begun any major advertising yet,'' added Israel. ''With our company maintaining a commercial client list of over 3000, it is anticipated that the rapid acceptance rate will continue. The registrants have indicated that when the training sessions are complete, the program will be integrated into their case settlement strategies.''
clickNsettle.com utilizes a direct settlement format that allows disputing parties to enter ''blind'' and confidential offers and demands, via the Internet, to settle cases. The service provides disputants with the ability to negotiate a case with their adversary without actually ''tipping their hand'' about what amount they would accept for settlement. The demands and offers are secure and only the final settlement amount is ever revealed. This ensures that neither party loses any bargaining power in the event that a case does not settle. Additionally, the program provides detailed reporting of both arbitration and mediation results and settlement statistics.
NAM Corporation, the parent company of clickNsettle.com, also provides arbitration and mediation services and related proprietary software. Headquartered in Great Neck, New York, NAM maintains Hearing Officer rosters and conference facilities nationwide.
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