Mediation offers numerous advantages:
- A confidential, quick, flexible and cost-efficient dispute resolution method for parties wishing to resolve their disputes amicably.
- Mediation offers the parties a highly controllable form of dispute resolution since the parties retain the decision-making authority throughout the entire proceedings.
- Mediation enables the parties to resolve their disputes without irreparably damaging their business relationships. The disputing parties usually continue to cooperate after a successful mediation.
- A successful mediation usually results in an agreement between the parties, which is binding under private law. If mediation is combined with arbitration, an agreement can also be recorded in the form of an arbitral award on agreed terms.
- If parties are unable to reach an amicable settlement, they can still turn to arbitration or state court proceedings to resolve their dispute.