At some point or other, all businesses have disputes whether it is about contracts or employee benefits or any other number of issues. While most disputes can be resolved fairly quickly and quietly, occasionally disputes escalate into something that needs intervention. In these cases, mediation can be helpful to resolve the issue.
This arbitration between conflicting parties to promote reconciliation, settlement, or compromise. This increasingly popular form of alternative dispute resolution serves as a viable option for business owners who choose to resolve conflicts through a forum other than arbitration or a conventional jury or bench trial. Mediation tends to try to accommodate the needs of each party and helping the parties formulate a workable solution. Here are some of the benefits of using mediation to solve business issues.
- Input and Control on the Outcome – In a court case to resolve dispute the judge casts the final decision. In mediation, the two parties come to a mutual resolution that hopefully makes both parties happy. Mediation enables parties in a dispute, be it during or before a lawsuit, to have control over the final settlement.
- Cost Savings – Hiring a lawyer can be costly and means an investment for the entire case. Mediator’s fees are usually divided between the various parties involved in the dispute. This cost savings can really add up.
- Preservation of Relationships – Business disputes often involve friends, employees and long time clients. Mediation can help to develop solutions based upon mutual interests rather than adversarial positions.
- Time Savings – Court cases, whether done by a judge or a jury, can be lengthy and drawn out. This method can be completely efficiently as opposed to a trial or hearing.
- Confidential – Mediation stays between the parties and the solution to the dispute is private and confidential.