The Benefits of Choosing Mediation to Settle Disputes Part 1
Mediation is a popular method of resolving disputes between contractual parties because it comes with many advantages. For this reason, many construction professionals entering into a contractual relationship will elect to have a mediation clause as their method of dispute resolution. In this article, we will briefly discuss the mediation process and highlight some of the benefits of settling disputes through mediation. Visit Part 2 to read about mediation success and failure.
The Mediation Process
Mediation is a voluntary process between contractual parties and an unbiased mediator such as an Orlando construction lawyer. Parties should understand that the mediation process is less formal and time-consuming than arbitration and litigation; however, it is still a multi-step process that shouldn’t be taken lightly. Generally, most mediation will begin with introductions, the meditator will make an opening statement, then the parties will make their opening statements. Afterward, there will be a joint discussion and then each party will have an opportunity to meet with the mediator privately. After this, there will be negotiations and closure.
The Benefits of Mediation
- A mediation is an excellent form of dispute resolution especially when the ultimate the contractual parties have a desire to preserve the relationship.
- Mediation is generally less formal, faster, and costs less than a litigation.
- A mediator helps parties reach a mutual agreement and will also recommend alternatives when other solutions are needed.
- Parties have more control over the entire process including the final settlement instead of leaving the decision up to a third party.
- In addition to monetary settlements, mediation allows parties to use non-monetary remedies to resolve disputes.
- Party confidentiality is maintained throughout the entire process of mediation between the mediator and involved parties.
- A litigation risk analysis during a mediation will highlight the risks and costs associated with litigation thereby lessening the likelihood of litigation.
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Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.