Mediation: The Win-Win Solution

Vessenes, Kathernne
October 1996
Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p18
Academic Journal
The article examines various aspects of mediation and advocates its use for effective dispute resolution. Mediation is one of the techniques that have come to be known as Alternative Dispute Resolution, designed to avoid costly litigation. It is a voluntary process where a neutral third-party mediator helps the parties find common ground and negotiate a final settlement agreement. Since mediation is non-binding, the parties must contractually agree to accept the final settlement. The National Association of Securities Dealers, CFP Board of Standards, and leading financial planning professional and trade groups have all endorsed mediation. There are many benefits of mediation like. Most parties appreciate being able to help craft a suitable resolution as opposed to having a solution imposed upon them by a third party in a binding arbitration or litigation proceeding. With parties focusing on creating a mutually acceptable solution, the entire process is not only less formal, but less adversarial and confrontational that, arbitration or litigation. Once mediation begins, the mediator will meet with each party privately and with all parties together. The private sessions are called caucuses.


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