What is Commercial Mediation?
Commercial Mediation is a method of alternative dispute resolution, between two or more parties. Mediators will provide a completely impartial service, to assist in settling the dispute and helping the concerned to move forward.
Part of the Mediator’s role is to act as a neutral entity who will assist with communicating with all parties and attempt to negotiate settlement of a dispute. It is important to remember that the advice given by a mediator is discretionary, it is not obligatory, however it will always be the quickest and most cost-effective solution.
Why should you use Mediation?
The process of Commercial Mediation is a significantly more time-effective way of settling a dispute between two organisations for example, rather than going through the courts. It is also possible to preserve relationships if the case is handled well.
As the case progresses, it is completely voluntary and both parties can walk away if an acceptable settlement is not reached between them.
A mediator can be commissioned at any point during a dispute, even if court proceedings are ongoing. Plus, the parties can benefit from the high-succession rate that a Commercial Mediator can achieve.
Without prejudice, the discussions between mediator and client are private, even in the absence of a written confidentiality agreement.
How is the mediation process conducted?
- Preparation: The initial step in the mediation process is where the client instructs a mediator who will then put together a mediation agreement in writing.
- Exchange of case: The disputing parties will exchange and file mediation position papers, which will outline their case, points of view on the matter, and desired outcomes.
- Joint or private sessions: Parties will have the option to have a private session, this means that they do not have to face one another. The mediator will go back and forth to each party and take instructions on any points of proposals to be put to the opposition. This is an opportunity to put forward offers without prejudice, to settle the dispute, devoid of any admission of liability. It is also a chance to consider the associated risk with proceeding through to a formal court trial, such as financial cost.
- Conclusion: Once an accord between the parties has been achieved, the terms are then drafted into a settlement agreement. The moment it is signed by each party, it will be binding and each party can move forward.
Find out more information about the full range of legal services available at Bowcock & Pursaill Solicitors here or call 01538 399199. If you need legal support relating to all aspects of commercial mediation, contact Rhiannon Moody direct on 01782 200005 or email firstname.lastname@example.org.