Mediation is a process of structured negotiation between the parties. The mediator is an independent third party whose role is to facilitate negotiations between the parties. The negotiations are on a ‘without prejudice’ basis and the parties are not bound to settle their dispute. The mediator does not give an award or make a decision but any settlement reached by the parties will be recorded in writing and will be final and binding. The settlement can be enforced but not in the same way as an arbitrator’s award. The parties can walk away from the mediation at any stage.
Mediation is intended to be a quicker and cheaper option than arbitration (or litigation). It can be used prior to or at any stage during arbitration or litigation.
The following is an extract from a quote from a member following use of the bfa’s mediation scheme.
‘A belated e-mail to let you know that this issue was settled at mediation on Tuesday. XXX did an excellent job for us and I believe we reached a fair outcome …..we spent £12k in legal fees over 14 months, when the mediation cost us about £1600 all in and was done in less than a day! Thanks for facilitating.’
To engage with the bfa’s mediation service please contact us on 01235 820470 or email email@example.com