A braking device that is operable to aid in braking a hoisted object relative to a guide member, comprising: a mounting structure connected to the hoisted object; a first brake pad and a second brake pad, wherein the first and second brake pads are positioned on the mounting structure so that they are on opposing sides of a passageway through which the guide member extends, wherein the first and second brake pads each comprise a contact surface (30, 32) that is operable to frictionally engage the guide member, and wherein the second brake pad engages the mounting structure in a manner that enables the second brake pad to move relative to the mounting structure between a non-braking position and a braking position; and a brake initiator that is selectively operable to initiate movement of the second brake pad from the non-braking position toward the braking position by selectively actuating an actuatable portion of the brake initiator from a non-deployed position to a deployed position; characterized in that the actuatable portion of the brake initiator comprises an initiator piston and an initiator housing that is connected to the second brake shoe, wherein the initiator piston engages an inner wall of the initiator housing, and wherein the actuatable portion of the brake initiator is biased toward the deployed position by an initiator compression spring that extends between the initiator piston and the inner wall of the initiator housing; wherein the brake initiator additionally comprises a latch device that is disposed relative to the actuatable portion of the brake initiator, and wherein the latch device is operable to selectively prevent the actuatable portion of the brake initiator from moving from the non-deployed position to the deployed position; and wherein the latch device comprises a latch lever arm that is pivotably connected to the initiator housing, wherein the latch lever arm is selectively actuatable between a latched position and an unlatched position, wherein the latch lever arm is biased toward the latched position by a spring, wherein a portion of the latch lever arm extends through a channel disposed in the initiator housing to engage a flange formed in the initiator piston when the latch lever arm is in the latched position, and wherein the latch lever arm does not engage the flange formed in the initiator piston when the latch lever arm is in the unlatched position. a mounting structure connected to the hoisted object; a first brake pad and a second brake pad, wherein the first and second brake pads are positioned on the mounting structure so that they are on opposing sides of a passageway through which the guide member extends, wherein the first and second brake pads each comprise a contact surface (30, 32) that is operable to frictionally engage the guide member, and wherein the second brake pad engages the mounting structure in a manner that enables the second brake pad to move relative to the mounting structure between a non-braking position and a braking position; and a brake initiator that is selectively operable to initiate movement of the second brake pad from the non-braking position toward the braking position by selectively actuating an actuatable portion of the brake initiator from a non-deployed position to a deployed position; characterized in that the actuatable portion of the brake initiator comprises an initiator piston and an initiator housing that is connected to the second brake shoe, wherein the initiator piston engages an inner wall of the initiator housing, and wherein the actuatable portion of the brake initiator is biased toward the deployed position by an initiator compression spring that extends between the initiator piston and the inner wall of the initiator housing; wherein the brake initiator additionally comprises a latch device that is disposed relative to the actuatable portion of the brake initiator, and wherein the latch device is operable to selectively prevent the actuatable portion of the brake initiator from moving from the non-deployed position to the deployed position; and wherein the latch device comprises a latch lever arm that is pivotably connected to the initiator housing, wherein the latch lever arm is selectively actuatable between a latched position and an unlatched position, wherein the latch lever arm is biased toward the latched position by a spring, wherein a portion of the latch lever arm extends through a channel disposed in the initiator housing to engage a flange formed in the initiator piston when the latch lever arm is in the latched position, and wherein the latch lever arm does not engage the flange formed in the initiator piston when the latch lever arm is in the unlatched position.