Business disputes are extremely fraught, high-stakes problems. External disputes can cost you a great deal of time and money, and internal disputes threaten the very life of your company. Mediation can be an effective tool to resolve these disputes, but there are some drawbacks.
The good news on mediation
Mediation is a typical way litigation is resolved and is often required by courts. Dispute mediation can uniquely meet the needs of businesses because it can provide:
- Control: You work directly with a mediator and the opposing party. You have a great deal of versatility and options in finding a resolution.
- Efficiency: You do not have to wait for a court date. Mediation allows for flexible scheduling and rapid results.
- Privacy: The discussions and resolutions of private mediation are confidential and not a part of the public record.
Additionally, you may find a great deal of relief in mediation due to its less contentious format. If the matter is resolved at a mediation, a settlement agreement should be entered into so that the matter is fully concluded and there can be no lawsuit.
Why preparing for trial makes sense
You must fully commit for mediation to be effective, but there is no law against making a contingency plan. If you are ready to go to court, then a mediation that goes wrong is all just part of the plan.