Business disputes can happen to anyone at any time, whether it is between contractors and employers, employers and employees, co-owners or more.
Everyone wants to avoid the worst-case outcomes in the event of a business dispute. Can mediation help you do that?
What is mediation?
FINRA takes a look at mediation as a way to deal with arguments. Mediation involves the use of a neutral third party, i.e. a mediator.
Their job is to provide neutral opinions and advice, without having any bias toward any particular party involved in the dispute.
They must also engage in de-escalation techniques. They have professional training that allows them to step in in the event that an argument seems to grow out of hand. They can bring the argument back down before it gets out of control and ensure that all parties can continue discussing things in a civil and fair way.
How can it help?
Mediation is great because it puts most of the control in the hands of the parties involved in the issue. This is one of the biggest benefits to many.
On top of that, it also saves the involved parties a good deal of time and money. Taking any case to the court will automatically wrack up a hefty bill and can also take months at a time to get through.
By opting for mediation, the parties have more control, have a better chance of preserving their working relationship, and can also save extra stress and budget all at the same time.