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What roles can mediators play in contract dispute resolution?

by | Apr 8, 2022 | Contracts

Contract disputes can potentially create nerve-wracking situations for all parties involved. After all, no one wants to go through the headache of litigation.

Fortunately, this is not necessary in every case. Instead, you may find it possible to resolve a dispute through mediation and the help of a mediator instead.

The point of a mediator

FINRA discusses alternative resolutions for dispute, such as mediation. Mediation works best in situations where members of a party still maintain some degree of amiability, or at the very least an ability to work with one another.

This is because a mediator does not actually have the same legal power as a judge or even an arbitrator. Instead, they act as a referee. They oversee the conversation you and your business partners or contract parties have. They ensure everyone has a chance to say what they want. They keep people from speaking over each other. They can also defuse situations when they get tense.

However, they cannot make a legally binding decision for the contract parties. This means that you and your partners must come to a reasonable and agreeable conclusion on your own, which all parties can consent to.

A fresh perspective

Mediators can also offer new perspectives, which many people find valuable when solving contract disputes. These new perspectives could potentially open up new paths to solving a problem that no one thought of before, or may offer valuable tweaks to a plan already in motion.

If you think this option may work for you, consider bringing it up with other contract partners and looking into pursuing it with a mediator.