Coming to a resolution that works for both parties can be extremely difficult. Mediation offers a solution for sensitive situations.
Mediation is a confidential process. Both parties enter mediation voluntarily and identify the major issues that need to be decided. During mediation, Stringam acts as a neutral guide through the resolution process.
Mediation can be employed for a variety of discussions, including for business matters, divorces, custody disputes, civil issues, and a number of other topics.
Beyond finding a resolution for the dispute, Stringam also drafts all necessary agreements to formalize all the decisions. This alleviates the process and helps both parties move forward.
The further apart two parties are from a solution, the harder the solutions are to find. Arbitration serves as an alternative to court action (litigation) where an independent third party finds a fair resolution.
Decisions made during arbitration are final and binding for both parties. Both parties give absolute decision-making power to the arbitrator with the intent to end the dispute.
Arbitration is used when two parties wish to avoid long delays or expenses. It’s generally used by clients who need a resolution to a situation where a compromise is hard or complicated to reach on their own. Calling in an unbiased third-party helps determine the fairest possible resolution.
The Differences Between Mediation & Arbitration
Mediation and arbitration are both used to find resolutions to conflicts and disputes. Both are used in a number of situations and both involve the presence of an unbiased third-party, such as Stringam.
Mediation, unlike arbitration, is non-binding. In mediation, both parties work towards a fair solution. A mediator helps guide these parties to a resolution – but neither party is under any obligation to follow any decisions made during this process.
Arbitration is final and binding. The arbitrator – similar to a judge – listens to both sides of the argument and makes a definitive decision that both parties are legally bound to. It’s common for clients to look for a resolution through mediation for this reason before moving to arbitration.