Disputes are a fact of life in the world of business. Sometimes, even the most sensible of parties can find themselves caught up in a strong disagreement with no clear path to resolution. Mediation is usually the first port of call for resolving such differences. If this fails, the dispute may find its way into the formal legal system so it can be settled in the courts of law.
Business mediation is largely a voluntary and less formal method of resolving a commercial dispute. Parties in the dispute must agree to participate in a mediation process that is facilitated by a skilled and experienced mediator.
Here are reasons why mediation may be the ideal conflict resolution mechanism for your business.
Faster conflict resolution
Unlike the judicial process where a matter can remain in limbo for months waiting for a court date, mediation typically resolves disputes in weeks. This is because mediation comes with fewer procedures and red tapes to be navigated, saving parties in the dispute a lot of time in the process.
Better control of the process
By definition, parties in a mediation process must develop a framework that works for them. Unlike a matter being adjudicated by a judge or a jury, mediation allows parties in a dispute to have complete control over the final settlement.
The cost of mediation is typically lower compared to taking a dispute through the formal legal process. Besides, mediation is quite efficient as it takes just days as opposed to the lengthy judicial process that can be costly.
No matter where you are, it is likely there are mediators in your area. And in the rare event that they are not around, you can still take advantage of distance mediation. You do not need any special skill or language to hold a fruitful mediation. Instead, it is the mediator’s job to create a conducive environment for a healthy conversation.
Running a business is tough. You need to handle the day-to-day operations, meet clients, manage employees and think about business growth and sustainability. When a dispute arises, it is important that you figure out how to resolve it as soon as possible so you can focus on your business.