Mediation aims to help parties reach a mutually acceptable resolution through facilitated negotiation, rather than imposing a decision or determining legal rights and liabilities.

Mediation is characterized by principles of confidentiality, impartiality, and voluntariness, ensuring a safe and fair environment for negotiation.

Mediators in commercial disputes are typically neutral third parties with specialized knowledge in mediation and commercial law, facilitating impartial and informed negotiations.

The mediator's role is to facilitate communication and negotiation between the parties, helping them explore settlement options and reach a mutually acceptable agreement.

Mediation offers several benefits, including its less adversarial nature, potential for faster and more cost-effective resolution, and the preservation of relationships between the parties.

Mediation can be used at any stage of a commercial dispute, whether before litigation, during litigation, or even after litigation has concluded.

A typical commercial mediation process involves opening statements, joint discussions, and caucus sessions, where the mediator meets with each party separately to facilitate negotiations.

The parties play a crucial role in the success of mediation by actively participating, being open to compromise and negotiation, and considering alternative solutions.

The successful outcome of a commercial mediation is typically a binding settlement agreement that resolves the dispute between the parties.

Challenges in commercial mediation can include unwillingness to participate, unrealistic expectations, lack of trust, and other factors that may hinder the negotiation process.

Enhancing the success of commercial mediation involves selecting a skilled mediator, preparing the parties, creating a conducive environment, and employing effective mediation techniques.

Mediators in commercial disputes have ethical responsibilities to maintain impartiality, avoid conflicts of interest, protect confidentiality, and uphold the integrity of the mediation process.

Mediation differs from arbitration in terms of voluntariness, formality, and the role of the neutral third party in facilitating a settlement or making a binding decision.

Commercial mediation is governed by various legal frameworks, including international conventions, institutional rules, and national laws, providing a structured process for resolving disputes.

Enforcing a settlement agreement reached through commercial mediation can involve filing it with a court, notarizing it, or incorporating it into a contract, depending on the jurisdiction and the parties' preferences.