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Old 10-26-2017, 03:02 AM   #1
jamessmith4152
Fashion Forward
 
Join Date: Jun 2011
Posts: 93
Default What is Mediation?

Legal mediation is similar to arbitration, but less binding than arbitration for legal purposes. In this process, both sides must agree fully to a settlement, rather than relying on a third-party arbiter to decide an outcome. Mediation is preferable to litigation in many circumstances for a number of reasons. It is seen as much less aggressive and attracts much less negative publicity than a large court case may do. The process also saves considerable amounts of money and time for most businesses and individuals who choose it over litigation. The court costs, lawyer fees and long time frames involved in preparing and completing litigation make it much bulkier than mediation.
Commercial mediation is a broad field covering third-party mediators who arrange everything from transport contracts, to exclusive sale rights, to agreements dictating further creative output. In its broadest sense, it can be seen as any exchange between two businesses, or a business and individual, in which both parties attempt to maximize their own profits and a compromise must be reached.




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