Commercial mediation uses a neutral third party in a structured setting to help the disputing parties in a dispute reach a mutually acceptable solution. It is a cost-effective way to resolve disputes that would otherwise be litigated in court and offers the opportunity for all parties to enter into a legally binding settlement agreement if they are able to do so during the mediation process.
During the mediation process, a mediator will hold both joint sessions where all parties are present and private caucuses between the mediator and each individual party or their counsel to help them understand each other’s underlying concerns and better interests. This enables each party to have an honest discussion about their case and consider the associated risks of proceeding through to a formal trial. The confidential nature of the discussions also helps to avoid embarrassing precedents being set at court.
At the end of the mediation process, the mediator will work with each side to explore what compromises they are willing to make to settle the dispute and will draft up a legally binding agreement which both parties sign. If a settlement cannot be reached, the matter may be referred back to court for resolution by other means such as arbitration.
Many commercial disputes arise because of miscommunication, misunderstandings or mistakes in the workplace. By taking a proactive approach to problem-solving and considering alternative dispute resolution methods, businesses can reduce the risk of conflict and keep their focus on their core operations.
There are numerous benefits of commercial mediation, including the ability to save costs and avoid lengthy litigation proceedings, which can have a huge impact on business operations. The process can be quicker than a full-blown legal trial and it is generally less stressful for all parties involved.
In addition to resolving disputes, mediation can help preserve important relationships in the workplace and maintain positive working relations for future projects. It is a great option for companies that want to keep their customers happy and retain their reputations.
The cost of commercial mediation is much lower than that of a full-blown legal trial, with each party usually bearing their own costs. If a settlement is reached, the matter can be finalised within the space of one day.
At Upchurch Watson White & Max, we have a team of experienced commercial mediators who can bring this problem-solving philosophy to the negotiating table, helping to settle matters efficiently and in a cost-effective manner. If you need help resolving a commercial dispute, contact us today to find out how we can assist you. Our team of lawyers can offer sound advice and guidance on all areas of commercial law. We are available to provide an initial consultation or arrange a mediation session at your offices or ours. We can be contacted on 1300 646 766 or by email at [email protected]. commercial mediation