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Mediation is an informal, voluntary method of resolving disputes, in which the parties in conflict meet with a trained, independent third party to come up with a solution that's satisfactory to everyone involved.
For example, if you have a problem with your broker that you can't resolve directly with the firm, you can file a request for mediation with NASD, which oversees brokerage firms and has over 900 trained mediators to help resolve disputes.
Mediation is considered less expensive, less formal, and less confrontational than arbitration or lawsuits. But both parties must agree to use the process.
While you may retain a legal adviser during mediation, any resolution will be crafted with your direct involvement, which is usually not the case with arbitration.
Also, unlike arbitration, mediation is nonbinding, which means that if you're not happy with the outcome, you can stop the process, and either drop the issue or move to more formal proceedings.
mediationa method of resolving INDUSTRIAL DISPUTES in which a neutral third party acts as a go-between to the parties in dispute. Typically, the mediator introduces proposals of his or her own as an aid to continued NEGOTIATIONS. It is a useful form of intervention where disputes have become especially acrimonious and the disputants are entrenched in their bargaining positions. Conceptually it is midway between CONCILIATION and ARBITRATION. See ADVISORY, CONCILIATION AND ARBITRATION SERVICES (ACAS), COLLECTIVE BARGAINING.
mediationa procedure for settling disputes, most notably INDUSTRIAL DISPUTES, in which a neutral third party meets with the disputants and endeavours to help them resolve their differences and reach agreement through continued negotiation. In some countries, ‘conciliation’ is distinguished from ‘mediation’ according to the degree of intervention exercised by the conciliator or mediator in the process of encouraging the parties to settle their differences, with a conciliator refraining from advancing, and the mediator expected to advance, proposals of his own for possible settlements. Both forms of intervention leave the bargaining process intact, with any resultant settlement being agreed upon by all disputing parties. In the UK, the ADVISORY, CONCILIATORY AND ARBITRATION SERVICE acts in this capacity See alsoARBITRATION, COLLECTIVE BARGAINING, INDUSTRIAL RELATIONS.
An alternative dispute resolution (ADR) process in which a trained person assists disputants in coming to a solution that will be the best one under the circumstances for all involved.It is not binding,but many courts are now imposing mandatory diversion to mediation and a requirement that the parties negotiate in good faith to reach a settlement. Failure to settle may subtly impact a judge's decision regarding the party most at fault in a dispute.The American Arbitration Association,which also offers mediation services,maintains a Web site at www.adr.org.