mediation

Dictionary of Business Terms for: mediation
mediation

process of bringing conflicting parties together using a third party. The third party has no authority to force a settlement, unlike arbitration.

Dictionary of Finance and Investment Terms for: mediation
mediation

less time-consuming and less expensive alternative to arbitration for settling disputes between an investor and a broker. Each side agrees to be bound by the third party’s resolution, but may walk away any time.

Dictionary of Insurance Terms for: mediation
mediation

situation in which parties agree to take part in a structured settlement negotiation through the guidance of a neutral expert. By participating in this process, the parties do not agree that they will actually settle and the mediator does not have the authority to impose such a settlement. The mediation process may be terminated at any time without cause by either party. The advantage of this process includes the claimant’s ability to have quick settlements, thereby enabling the claimant to pay medical bills and to replace lost wages.

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