Either party can walk out of the mediation at any time in the process. He or she will not reveal to one party anything the other party said without express permission. If the parties are successful in reaching a settlement, they can choose whether or not to make it legally binding. The settlement can address any factors the parties wish. It is not restricted to damages, interest, and costs, but can address future concerns, too, like creating a new contract for more work.
Mediation can take place even after court or arbitration proceedings have begun.
The mediation itself usually only takes about a day, although final resolution through mediation may take four to six weeks. If the parties are unable to reach an agreement, what was said at the mediation cannot be used against them in subsequent court or arbitration proceedings. LIVE, REAL TIME Global Streaming Financial News and Business Information. Excellent legal service at your convenience. For less than you'd expect.