Litigation costs combined with the typical duration it takes for a commercial dispute to arrive at a solution compels parties to opt for more efficient and cost-effective alternatives. Mediation, according to Karen DeSoto, proves to be a viable alternative for commercial dispute resolution.
What is Mediation?
In simple words, mediation is a confidential and voluntary process where a neutral third-party or intermediary, chosen by the disputing parties, facilitates a settlement that is agreeable by all. This commercial dispute resolution technique is flexible and confidential, allowing all parties to have complete control over the resolution arrived at.
Some of the key ground rules that a typical mediation process will follow include –
- The process is entirely non-binding.
- It is voluntary, and any party has the opportunity to withdraw at any point after the first session has been attended and before the written settlement agreement is executed.
- The mediator must be impartial and neutral and is in charge of controlling the procedural aspects of the mediation.
- A business executive will be appointed by each party to represent themselves at the mediation conference. This executive is authorized to negotiate any resolution in the dispute, unless he or she is excused by the mediator.
- The mediator at no point will transmit information that is received in confidence from either party or third party except when authorized to do so by the party that is sharing the information.
For businesses looking for a quick and cost-effective commercial resolution, mediation proves to be an effective approach to consider.
No comments:
Post a Comment