Knowing where to turn for help when in the middle of a business dispute can be difficult. Problems arise every day between businesses, their customers, suppliers, partners, etc. Most of the time these are dealt with effectively and efficiently. However, there can be disputes that remain unresolved.
In this position, it is best to resolve such a dispute as soon as possible. A good starting point is the Institute of Arbitrators & Mediators Australia, which specialises in information for dispute resolution, including mediation and arbitration.
Mediation is an alternative procedure for the resolution of disputes. It is quick and more cost-effective than the more formal arbitration or litigation processes. It should be considered as early as possible after a dispute has arisen.
Mediator’s fees are a matter of negotiation between the parties and the mediator. Fees vary from $150 to $400 an hour depending on the mediator and the nature and duration of the proceedings.
Even if parties do not completely settle their dispute during the mediation process, they are able to clarify and narrow the issues at a mediation hearing. This reduces the time and expense of later proceedings and often leads to a subsequent resolution.
Arbitration is the formal dispute resolution process where parties refer their dispute to an independent third person (the arbitrator) for determination.
The arbitrator’s fees vary depending on the arbitrator’s grading, experience and the nature of the dispute.
