Seeing a contract dispute through a jury a trial is an expense cost most people cannot stomach. Luckily, there is mediation, an alternative dispute resolution that is simpler and more cost-effective.What is mediation?When the courts are overloaded and the cost of mediation is high, many parties turn to mediation to solve their contract disputes.Mediation is one type of alternative dispute resolution where both parties involved in the dispute agree to meet with a neutral third party mediator and agree to stay until a resolution can be made.What are the benefits of mediation?Mediation is less formal than court and often helps people feel less threatened and more willing to compromise. It’s not as confrontational as court. In fact, mediation often improves communication between parties. Meditation helps both parties collaborate on a solution and can be an effective way to keep a professional business relationship, whereas, in court, one party wins and the other loses, and that’s likely the end of any business ties.A commercial litigation attorney still advises their client’s on what the best way to enter into mediation is, what demands to fight for, and what compromises to make. An attorney knows that in order to get what their client views as most important, they may have to concede on less important issues.Mediation may be more informal than court, but it’s confidential. Businesses who depend on their local reputation may benefit from the confidential process of mediation. A court case may bring all their businesses’ dirty laundry into the limelight.It gives the parties control over the outcome. Both parties have agreed to stay and talk it out until they reach an agreement. The mediator is not a judge, they do not decide the outcome of the case. They simply facilitate the process of coming to an agreement. However, if both parties decide they would like a binding outcome from the negotiations, they can convert the mediation into arbitration.The main advantages of mediation?In addition to the above benefits, other major advantages of mediation are that it’s more cost-effective, quicker, less formal, less confrontational, less stressful, and more collaborative than litigation. The first step to finding out more about mediation and how it can be advantageous in your particular case is to consult with an attorney.For more information about mediation, send us a message.[formidable id="7" title="1"]