Arbitration & Mediation
Sterling Development offers an Arbitration and Mediation Service to resolve business related disputes.
The main difference between arbitration and mediation is a simple one: arbitrators hand down decisions, just as judges do, which can only be contested under certain circumstances. In other words, by agreeing to arbitration a party agrees to be bound by the arbitrator’s ruling, barring some exceptional deviation from the normal procedure.
Arbitration and mediation can be voluntary or compulsory (or court ordered).
In mediation, a court trial is stayed (put on pause) pending the outcome. In arbitration, a trial is replaced by arbitration.
Mediation generally involves a single mediator while there might be a single arbitrator or a panel of arbitrators.
Mediators and arbitrators need not have any formal legal training.
As mediator’s Sterling Development will facilitate negotiation to reach an agreed settlement. As arbitrator’s we will make a decision on the matter.
Mediation ends when settlement is reached or when parties are deadlocked. Arbitration ends when the decision is handed down.
Agreements to mediate and arbitrate are generally enforceable, requiring the parties, in the case of mediation, to make a good faith effort to arrive at a settlement agreement and in the case of arbitration, accept the arbitrator’s decision as if it were a court decision.