An exception to this rule is allowed if the governing instrument provided for a FLIP prior to reformation, but the trust terms did not comply with the current law and a permissible flipping event has already occurred prior to reformation. We have all heard the story of Brer Rabbit and his bout with the infamous briar patch. Mediation is a voluntary, confidential, readily available, and relatively inexpensive means of dispute resolution. It allows you to reach early resolution, avoid time away from your business, and exercise more control over the outcome of the dispute. Sometimes the process will facilitate future relations with the other parties.
Mediation is less formal than either litigation or arbitration.
Unlike a judge or an arbitrator, a mediator does not have the power to render a binding decision and the mediator does not hold formal hearings. Mediation is usually conducted through informal joint and separate meetings with the parties and their attorneys. A good mediator immediately goes about the task of reducing hostility, deflating extreme demands, and tries to facilitate candid discussion about the issues and the priorities of each party. Mediation facilitates meaningful dialogue and gives each party the opportunity to better understand the other party's views and real interest in the dispute. Once the parties better understand one another's respective positions and realize what is really important, then the mediator can assist the parties to explore alternatives, search for solutions, and structure a settlement rather than throw the parties into the litigation briar patch.