If you are in the middle of a business dispute with your business partners or stakeholders and are not able to discover a middle ground, you may benefit from mediation. Mediation, when done correctly, can produce positive outcomes. It also serves as a good alternative to costly litigations.
However, if you feel mediation won’t do the work, do not hesitate to seek a Las Vegas Business Litigation Attorney.
What is mediation?
Mediation is a process where two parties and their attorneys sit together with a neutral third party to discuss their problems. The third-party, the mediator, listens to both sides and helps them reach an agreement that works in the best interests of both parties.
Mediation can be a casual gathering of parties or a formal conference. The process does not involve high costs, paperwork, meeting deadlines, or anything like that. The mediator facilitates communication between the parties and helps them settle without having to go to court.
Can mediation solve business disputes?
If done correctly with a good mediator, mediation can certainly solve business disputes. By providing a solution that both parties agree with, a mediator can save the costs of legal proceedings and leave both parties happy.
Even if you do not reach a settlement, it can still give you insight into what the other party is thinking and what they want. This gives you time to discuss your next steps with your attorney to help resolve the issue in the future.
If mediation does not work, you can still proceed to file a lawsuit. However, mediation can help you maintain good relations with your business partners and stakeholders and leave the problem in the past, which is usually the opposite when the matter reaches the court.
Benefits of mediation over litigation
Since mediation avoids court proceedings, something which nobody wants to get involved in, it has various benefits over litigation. First of all, mediation is way less expensive than litigation and time-saving. You do not have to take leave from your work or miss your doctor’s appointment to attend court hearings. A mediation process usually becomes over in a matter of days.
Moreover, the costs of hiring the mediator are divided between the two parties. Therefore, it is a highly cost-effective method. Other benefits of mediation include:
- Sessions are private, unlike court proceedings.
- Maintenance of good relations between the parties.
- Quicker settlement.
With so many benefits of mediation, your business dispute could really benefit from the process. If you wish to learn more about mediation, you can get in touch with a Las Vegas Business Litigation Attorney. If the dispute does not resolve, you can always opt for lawsuits.