Alternative dispute resolution is an all-too-often overlooked tool for businesses, and mediation in particular often gets short shrift. Mediation offers many potential advantages to business owners seeking to resolve their disputes, either with other businesses or with their own employees. It can be worth considering the next time you find yourself in a legal or financial dispute as a business owner.
Mediation is a process in which two disputing parties agree to have their dispute moderated by an impartial third party, known as a mediator. The mediator keeps the dispute organized as the parties work through their issues and address their respective grievances. If all goes well, the parties come to a consensus and form an agreement that they will adhere to once the mediation is complete.
The first major advantage of mediation is that, compared to litigation, it is relatively cheap and generally less time-consuming. If you can resolve your issues in mediation, you will save all the money you would’ve needed for lawyers, court fees and other expenses, helping your bottom line tremendously. It also means you need to take less time away from your business to attend court, meet with your attorney, and deal with the other inconveniences involved with a court case.
Second, mediation is far less formal than a court proceeding, with the only rules being those laid out by the mediator. That means you don’t need to worry about rules of procedure, or about the mediation being tied up due to fights over jurisdiction, standing, or other procedural problems. It also means it tends to be a lot less stressful than the strict, formalized setting of a courtroom.
Finally, if the mediation doesn’t work out, you can still attempt to resolve your problem through traditional litigation. Mediation agreements aren’t legally binding, so the parties may not always adhere to them. Thus, if you do come to an agreement but choose not to abide by it, you can still always go to court and resolve your problems that way.
No matter what legal matter you are facing, the qualified legal professionals at Blodnick, Fazio & Clark can help protect your finances and legal rights. The firm provides representation for businesses of all kinds and offer a full range of legal services, including mediation and arbitration services. Call (516) 280-7105 to arrange a free consultation or visit our contact page.