More and more Chicago area businesses have been reaping the benefits of participating in business mediation in Chicago Illinois. Mediation is an alternative dispute resolution process where parties settle their dispute out-of-court with the assistance of a third-party mediator who facilitates negotiation communications. If you are involved in a business dispute, you may want to consider using business mediation in Chicago Illinois to reach a settlement of the matter in a more cost-effective and timely manner than a traditional lawsuit.
Business mediation is a voluntary and confidential procedure used as a means to achieve a mutually agreeable resolution of a dispute. Unlike in arbitration or litigation where an arbitrator, judge or jury makes a final decision about the dispute, a mediator simply facilitates productive communication between the disputing parties who control the outcome of the mediation themselves. The non-adversarial nature of mediation makes it easier for the parties to a dispute to reach a resolution, sometimes simply because the presence of a neutral mediator motivates the disputing parties to cooperatively work towards a settlement.
Another advantage of business mediation is that it allows the participants to engage in settlement negotiations before any money is spent on litigation. Mediation is typically less expensive than litigation, since the mediator fees may be shared by the participating parties, keeping costs to a minimum. And in the rare circumstances where mediation sessions fail to achieve resolution, the parties to the dispute still have the right to file a lawsuit and go to court if they so choose.