COMMERCIAL MEDIATION: a fast and cost-effective tool to solve commercial tensions in times of Corona
There is no need to further describe the global situation experienced by individuals and businesses at the moment and the related projections for the months to come.
Surrounded by uncertainty, the needed resilience is in not becoming passive while enduring the unfavourable situation. In such times, it is about demonstrating flexibility and looking for areas where something can be done and act fast.
Right now, there is a strain on some business relationships due to existing agreements which are hard, if not impossible to maintain as they were intended to.
The prospect of litigation isn’t one: too expensive, too long, uncertain outcome. Finding a settlement agreement among business partners might be a good idea but considering the current situation, emotions run high and it is harder than usual to find a solution that works for all parties involved.
This is where Commercial Mediation could become an unseen ally. Find below the key characteristics of Commercial Mediation, which come handy in such situations:
Mediation is voluntary: the parties opt to solve their disagreements by way of mediation, which demonstrates a clear sign of willingness to look for alternate options.
Mediation is not a mini-trial: there is no need to gather or exchange evidence between lawyers, nor will the mediator want to assess the legal merit or risk in respect of either party. The negotiation between the parties is facilitated by a mediator, who will never impose a solution unlike a judge or an arbitrator.
Confidentiality assured during the mediation process: private information exchanged during the mediation remains private and confidential. It cannot be disclosed, nor used in court.
Win-Win Situation: the agreement found at the end of the mediation, decided by the parties themselves, is more likely to be advantageous for everyone involved than no agreement at all.
Cost-Effective: one of the most attractive benefits of mediation is the reduced legal costs since the involvement of lawyers isn’t mandatory. Thus, the costs associated with mediation are minimal, the major cost being often the mediator him/herself.
Speedy method of dispute resolution: The resolution is to be found within a matter of days, whereby many cases are solved within a day.
Mediation agreements are binding, alike any legally binding contracts signed between parties.
As a former business lawyer and accredited mediator, it naturally led me to include mediation as part of the services offered by SeeAre since its inception in 2017. We work with SIMI (Singapore International Mediation Institute) and SMC (Singapore Mediation Centre) accredited mediators, who are ready to offer their support in transitioning through these troubled times while maintaining the business relationships whenever possible.
It is by working together in finding solutions that the impact of Coronavirus will be limited.
If you wish to find out more about Commercial Mediation or mediation in general, get in touch with us.
For a short video on mediation, you may click here.
Carina Rogerio is the Managing Director and Founder of SeeAre Pte. Ltd. She came across coaching in 2012, which propelled her lawyer career. Curious about the skills behind coaching, she attended a coaching certification course which later led her to also include mediation to her set of skills. She realised throughout her journey that her true motivation was to pay it forward and facilitate wished changes in her clients, both at the individual and organisational level. To learn more about SeeAre, visit www.seeare.co