Commercial Mediation is a confidential and private process of dispute resolution where independent, neutral third parties (i.e., the mediator) helps parties to arrive at an acceptable agreement and avoid lengthy and costly court procedures. Here is why Karen DeSoto believes commercial mediation may be advantageous in various disputes – ● Ownership of the Dispute Stays with the Parties The mediation is on the basis of both parties taking control. This means that the ownership of the dispute as well as its outcome continues to remain with the parties. It is possible to express their perspective throughout the mediation and arrive at a solution that works for everyone. ● Maintaining Confidentiality The process is entirely confidential and without prejudice. Also, any documentation or information that is privately shared with the mediator will not be passed on to other parties during mediation, unless there is an expressed permission given. ● Flexibility and Commerciality This process focuses on commercial settlements and arriving at realistic resolutions. Parties are expected to make non-binding concessions and propose their own suggestions to resolve the issue. With the flexibility to negotiate your own solution, all parties can leave feeling satisfied. In addition to this, the process can prove to be time and cost saving. Commercial mediation offers a quicker solution as compared to litigation. Essentially, mediation takes anywhere between four to six weeks. In some urgent situations, agreements may be signed even faster. Commercial mediation is also rather economical when compared to litigation. It enables parties to get back to their business faster, saving significant opportunity cost. It is estimated that the legal costs and expenses associated with the mediation process are approximately 20% of what it would cost if you went to court.
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