Financial Dispute resolution mediation
Most of the people don’t like taking their financial disputes in court but if one feels the need to go then they proceed to court but try mediation first. However for financial disputes one may decide to continue negotiating outside the court. You don’t have to follow all the proceeding of the court if you reach an agreement before the court gives its verdict. Most of the people stop their court cases after an agreement.
This process is useful since both parties can directly or through their solicitors negotiate while the court process is ongoing. In this case, they know that if they don’t agree the process of court hearing continues in which they wait for the court to decide.Some of the other reason to settles financial disputes before the court process proceeds is what is referred to Financial Dispute Resolution mediation.
The main purpose of this process is to allow the judge go through the evidence provided by both the parties as filed in the case and hear their legal submissions. They may also use their lawyers instead who expresses their views of which a prediction of the verdict can be known before the final judgment. This is a formal way of approaching a case.
The Financial Dispute Resolution is an important process since both the parties may agree to terminate the case before the court proceeding begins. However, this process has some challenges in it.
These challenges include;
- The process starts in the court after submitting the case to the judge that means that the formal court proceeding has started. In this case, for you to terminate the process of the court hearing some payments can be made for that time consumed by the court.
- The judge depends on your evidence hence he or she might not be the right person in handling some of these cases.
- Lack of sufficient time by the court may lead to the delay of your case since the judge may be having other court functions or may be ignoring your case.
- Some courts or judges may be delaying these negotiations since their intention is that in the end you will pay the court for the time consumed.
Instead of following the formal process of the court, some institution may offer an informal way of solving a Financial Dispute Resolution. This informal way is sometimes referred to as neutral evaluationHere is the procedure;
- An appointment and MIAMS with a Solent mediator is made.
- The mediator may probably not be a lawyer. He or she is there acting as a mediator helping the two parties involved to reach an agreement. He or she must be impartial on both sides.
- An agreement is reached first before the mediation starts regarding the documents and evidence given to the mediator.
- The mediation process takes place face to face in which the mediator writes the opinions of which he or she may be required to refer the case.
- Since this is an agreement out of court, the process can start before the court proceedings start.
- Sometimes the issues to resolve maybe the outcome of the whole proceedings or it can be the problem hindering negotiations between the parties.
- Both the parties decides when and where to meet hence there is no specific time or location.
- Since the conflict is between the parties involved, the process is private and confidential throughout the hearing.
It’s good to consider some of the possibilities that might occur to both parties involved in an adversarial way. The mediator or specialist can give his or her opinion regarding the case based on his experience. Solutions or choices can be made amicably without fighting or exchange of bitter words than taking your issues before the court. Both the parties are the owners of the process hence are involved largely in the process.
This process sometimes is referred to as “early neutral evaluation” or in other places it is referred to as “informal financial dispute resolution”. The mediators express their views that give guidelines for the parties involved. An informal financial dispute resolution is less formal compared to the one in court. Since the process is voluntary, the mediator is required to show high degrees of impartiality and the parties to show respect and to control themselves all along the process.
Who resolves the dispute?
The mediator involved in the mediation team usually gives options for both parties or proposes a solution to the involved parties. Both sides must feel comfortable and have a consent for solutions offered in order to reach an agreement.
When do they meet?
The number of times or the duration is decided by the mediator of which they also meet with both the parties involved and agree on when to meet.
Who comes to the appointment?
Two of you and one mediator is the most common approach.
How much does it cost?
This is determined by the complexity of the case, time required and other arising issues in the meeting that might require more time. The process should be cost effective, it should be less costly than the expense of the court process.
When is the best time?
- If the mediation process is cheaper than the court process parties might decide the mediation process
- If both parties agrees to solve the matters amicably outside the court.
What are the types of disputes addressed? Most of the times financial cases are the one solved here since this is an issue that can be discussed and a solution reached amicably. But in case there is disagreement the court proceeding can start and continue as usual. In most instances the court process is sometimes high, the informal financial dispute resolution mediation maybe the right approach for your case but this mostly depends on parties involved.
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