Well...with this one as with most others...sell off on the news:
NAM Announces Enhanced Version of
clickNsettle.com Electronic Settlement Program
- CNBC Features clickNsettle.com on 'Business Center' -
GREAT NECK, N.Y., Oct. 12 /PRNewswire/ -- NAM CORP. (Nasdaq: NAMC - news) -- the national provider of arbitration and mediation services and electronic case management software -- announced today the premiere of an enhanced version of clickNsettle.com, the electronic settlement program. The features of the new model include interactive, real time negotiation and unlimited ''bids'' for parties to settle their cases.
clickNsettle.com was profiled yesterday on CNBC's ''Business Center'' as an innovative tool for litigants to resolve cases quickly and inexpensively. President and CEO Roy Israel was featured, as well as Philip Guercio of Travelers Property Casualty and Morris Newman, Esq. of Simon and Newman, both clickNsettle.com clients. The story highlighted the potential of the website to tap into the $160 billion legal marketplace and described the program as, ''the only fully interactive dispute resolution site on the Internet today'' -- a reference to the new model.
According to David Foster, Claim Director of GE Financial Assurance/Colonial Penn, ''Our company's experience with the original clickNsettle.com model produced positive results. Cases were settled quickly and inexpensively. Therefore, we are particularly excited to use the new format and feel the unlimited bidding scenario will significantly increase the percentage of cases settled.
Additionally, the interactive component will bring about the advent of 'online settlement days,' a groundbreaking concept that will greatly facilitate our ability to successfully negotiate a high volume of cases quickly and efficiently.''
''The client response to and acceptance of the original ClickNsettle.com program has been tremendous -- but we are going a step further,'' says Robert Mack, Executive Vice President of
clickNsettle.com. ''Based on the initial reviews, the new model is easier to use and will increase the percentage of cases settled. The program is still based on eliminating the posturing that takes place
during traditional case negotiations and includes blind bids which remove the fear of any party 'benchmarking' their position. We look forward to continuing to establish the clickNsettle.com brand name as an alternative to the court system. With a growing litigation market and Y2K just around the corner, the timing for the introduction of this product could not be better.''
clickNsettle.com utilizes an interactive settlement format that allows disputing parties to enter ''blind'' and confidential offers and demands, via the Internet, to settle cases. The program provides
disputants with the ability to negotiate cases with their adversaries without actually ''tipping their hand'' about what amounts 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, disputing parties have the option to auto-submit cases for traditional arbitration or mediation in the event an online settlement is not reached. The program provides extensive reporting capabilities for both online and traditional arbitration and mediation results and settlement statistics.
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