Running a business can be demanding, and you need to adhere to an effective strategy to sustain it. Many minor and major issues might arise on a daily basis, and you will also find yourself settling disputes. Sometimes, you will wonder how to handle a business dispute, whether it is between employees, with a client, or with a supplier. In that case, business mediation can be pretty helpful. In this blog, we will discuss why you should consider business mediation!
What is Business Mediation?
Mediation involves a third party who assists in negotiating a settlement of the dispute between the involved parties. It is a flexible and confidential method of resolving conflict in the workplace. By involving a credible third party, you can add a perspective that is not biased or emotionally involved in the conflict. A business mediation can help both parties reach a settlement on their terms.
Reasons to Consider Business Mediation
Business mediation is a less stressful and efficient technique to resolve conflicts in the workplace. It is a pretty convenient method for both parties involved, and here is why you should consider business mediation:
1. Neutral and Professional Party
When you choose business mediation, it can provide you with the professional assistance of a trained neutral party. The mediator or the neutral third party will allow both parties to control the outcome. This way, the trained neutral professional will help reach a settlement with which both parties agree. In comparison, litigation can be unpredictable, and you may have to give up a certain level of control.
2. Cost
The involved parties will share the cost of the mediation, which may be at a half or full-day rate. Even if you select a high-priced mediator for your business, it will cost way less than the money incurred in protracted litigation. Moreover, mediation is faster than court, so you will have fewer billable hours on the books.
3. Amiability
With business mediation, it is not one Party A vs. Party B; it involves the parties working with one another to reach a settlement that is beneficial for both. By working together, you can save your business relationship and avoid delving into a war or forming enmity. Mediation provides a safe environment to be heard and cooperate with each other and a third party neutral. When respect is maintained, and both sides get their benefits, hostile feelings are less likely to arise.
4. Confidentiality
All the matters during the settlement will remain confidential unless the parties agree otherwise. Confidentiality allows for a free exchange of communication, and they may be restricted from being used in judicial proceedings as evidence. The settlement and proceedings will not be disclosed to anyone, and you can speak with your business mediator openly to resolve the conflict.
5. Flexibility
In court, everyone is supposed to be treated equally, but many times, the important differences in each case may not affect the outcomes. This is another reason why business mediation may be what you need, as it allows flexibility, and the parties can be innovative in reaching a mutually agreed settlement.
Final Word
Consider business mediation to save time, money, and stress. It can help resolve conflicts between employees or with employees, clients, and suppliers. This is a confidential and flexible approach to resolving conflicts in the workplace!
Edwards Sutarwalla Samani LLP is your trusted partner for legal matters. Dial (713) 565-1353 to get in touch with us!