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During the course of business, your company may encounter a business disagreement with another person or company. If not immediately resolved, this can turn into a commercial dispute. If you fall into a business dispute, it can be time-consuming and can cause damage to your business. Therefore, it is essential to seek legal advice to resolve it.
One way to resolve your commercial disagreement is through the flexible commercial mediation process instead of court proceedings. If you meditate to resolve your commercial dispute, it can help to prepare for the mediation before the mediation process starts. This article will explain how to prepare for mediation for your commercial dispute to increase your chances of a successful outcome.
What is Mediation?
Mediation is a form of alternative dispute resolution (ADR). ADR is a method used worldwide to resolve business disagreements. It is a commonly chosen method to resolve disputes as it has the following two characteristics:
- just; and
- proportionate.
Mediation works through an independent mediator who facilitates discussion between the parties to a dispute. The mediator will work closely with you and the other party to help you agree and resolve the disagreement. The settlement agreement should be one that both parties to the mediation process are content with.
How Do I Prepare for Mediation for My Commercial Dispute?
If you choose mediation for your commercial dispute, it is a good idea to prepare as best you can. Below, we explain how to prepare for mediation.
1. Documentation and Evidence within the Dispute
A fundamental way to prepare for mediation for your commercial dispute is to gather the documentation and evidence needed. This will enable you to demonstrate your side of the disagreement as positively as possible. When doing so, remember that the mediator is new to the dispute, so you must provide documents to help them with the key issues.
Although this may all take time, it could save time for your business in the long run. If you find during mediation that there is missing evidence or documents, it could cause a delay in reaching an agreement. This can take your time and affect your business financially.
2. Goals and Objectives within the Dispute
A further part of preparation for mediation is being clear about your goals and objectives. Naturally, you want the dispute to be agreed upon regarding your views and position on it. However, this may not always be clear. As the mediation is supposed to benefit both parties to the dispute, you may have to compromise in some parts of the latter.
Therefore, preparing your goals and objectives allows you to consider these areas. This includes thinking about your properties for the mediation and your opponent’s viewpoint.
3. Mental Preparations
It is also essential to prepare mentally and emotionally for the mediation process. A commercial dispute can be very stressful for you and your business, and talking it through during meditation can impact your well-being.
This guide outlines how to resolve commercial disputes.
If this is your first time using a mediator to mediate a business disagreement, the new mediation process adds another stress factor. Therefore, you could prepare by talking it through with friends, family, or other business colleagues before mediation.
4. Legal Help
An essential factor in preparing for your mediation is that you may wish to consult a dispute solicitor to advise you on the process. You may also want them to be present during the mediation with you.
Also, if in the unfortunate circumstance that mediation fails, your legal adviser will be able to guide you on how else you may resolve your commercial dispute.
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Key Takeaways
Mediation is an alternative dispute resolution (ADR) process you may use to resolve poor commercial disputes. An independent mediator will help you and the other party reach a settlement agreement. If you choose mediation to resolve your business disagreement, it is necessary to prepare for the process. You can do this in many ways, and this article has discussed four key ways.
For example, preparing documents and evidence in advance is a good idea to save your business time and money in the long run. It is also helpful to think about the goals and objectives of the mediation process, so you have an idea of what a settlement agreement may look like.
If you need help understanding how to prepare for mediation for your commercial dispute. In the UK, LegalVisions’ experienced disputes and litigation solicitors can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. So call us today on 0808 196 8584 or visit our membership page.
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