|
Mediation is a voluntary, non-confrontational and binding process using a neutral party to guide the parties towards a mutual beneficial resolution of their dispute. It is more popularly adopted in family and community disputes. The confidentiality, cost effectiveness and time efficiency are among the advantages. The outcome of a settlement is not bound by judicial constraints (i.e., the settlement may include terms beyond the issues arising out of the underlying contract.) When settlement is reached, the mediator prepares an agreement which subsequently becomes a legally binding contract.
| |
|
MED-ARB
|
|
Med-Arb is a hybrid form of mediation and arbitration - mediation is encompassed within the arbitration process and the mediator may also become the arbitrator with the express consent of the parties. In the event a settlement is reached during the mediation phase, the settlement may be recorded as a consent arbitral award. However, if the parties fail to reach a settlement, they may opt for the same mediator to act as their arbitrator if they do not wish to appoint a new arbitrator.
|
|
