| Mediation is a non-binding negotiation that can help parties settle disputes without the time and expense of arbitration. Mediation offers several benefits such as:
COST- Mediation generally is a low cost alternative to arbitration. Legal and preparation expenses are generally lower, as are forum expenses.
CONTROL- In mediation, parties retain control of the procedure. Not only do the parties decide to commence mediation, they can stop the process at any time and resume their arbitration.
SPEED- most mediations only last a single day.
SUCCESS- recent statistics from the NASD reveal that over 10 percent of arbitrations decided to use mediation and that over 80% of these mediations resulted in settlement.
PRIVACY- parties decide independently what to reveal, so confidentiality can be preserved.
|