Mediation
Mediation is a negotiated settlement, conducted and concluded with the assistance of a neutral third-party. The process is voluntary and does not lead to a binding decision, enforceable in its own right.
Many commercial disputes may be resolved without the need of a formal binding and enforceable decision, and are therefore amenable to mediation. Mediation may be particularly suitable where the parties in dispute hope to preserve, or to renew, their commercial relationships.
As mediation is likely to be a shorter process than either litigation or arbitration, there may also be economic arguments for attempting a mediated settlement.
The PCIA mediation rules may be used both by parties who are already committed to mediate, by virtue of contractual dispute resolution provisions, and by parties who have not provided for mediation, but who wish to mediate their dispute, either in an attempt to avoid, or during the course of, litigation or arbitration.
The PCIA has access to a large number of experienced and highly-qualified mediators from many jurisdictions.
As with the arbitrations it administers, the PCIA aims to make its mediations cost-effective. To this end, mediation costs are also based on the hourly rates of the mediators and of the PCIA’s administrative staff, without reference to the sums in issue.