In recent years, commercial mediation has become an increasingly popular alternative to traditional legal proceedings for resolving business disputes. This is due in large part to the significant impact that mediation can have on legal proceedings, particularly in terms of reducing costs, saving time, and preserving relationships.
Reduce Costs
One of the most significant impacts of commercial mediation is its ability to reduce costs. Litigation can be an incredibly expensive process, involving significant amounts of time and money spent on legal fees, expert witnesses, and court costs. In contrast, mediation is generally much less expensive, as it involves a neutral third party who works with both parties to help them reach a mutually agreeable resolution.
Save Time
In addition to reducing costs, commercial mediation can also save time. Litigation can be a lengthy process, often taking years to resolve a dispute. Mediation, on the other hand, can be completed in a matter of weeks or months, depending on the complexity of the case. This can be particularly beneficial for businesses that need to resolve a dispute quickly in order to avoid disruptions to their operations.
Preserve Relationships
Another significant impact of commercial mediation is its ability to preserve relationships. In many cases, businesses that are involved in a legal dispute have an ongoing relationship that they would like to maintain. Litigation can often be an adversarial process that damages relationships beyond repair. Mediation, however, is focused on finding a mutually agreeable solution that works for both parties, which can help to preserve the relationship and enable the parties to continue doing business together.
Finally, commercial mediation can have a significant impact on legal proceedings, particularly in terms of reducing costs, saving time, and preserving relationships. As businesses continue to seek more efficient and effective ways to resolve disputes, it is likely that mediation will continue to grow in popularity as a preferred alternative to traditional litigation.
For an experienced Mediator to help negotiate a resolution to your commercial dispute contact Ken Strongman. Here.
About the Author: As a professional Mediator and Arbitrator since 2004 Ken Strongman has years of experience and has successfully resolved disputes in the fields of Business/Commercial, Securities, Estates/Probate/Trusts, Real Estate, Intellectual Property, Construction Defects, Construction Contracts, Employment, and Environment. He is also a Mediator and Arbitrator for FINRA.
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