ICC Mediation is both adaptable and private. What’s more, anyone is able to the settlement technique—whether a company, state, state entity, international organisation or individual.
Mediation is a flexible and consensual technique in which a neutral facility helps the parties reach a negotiated settlement of their dispute. The parties have control over the decision to settle and the terms of any agreement. Settlements are contactually binding and widely enforceable.
The mediation process is designed to give parties a better understanding of each other’s business needs. As such, each can look for a win-win solution that upholds their respective interests. The result always remains in the parties’ hands, which reduces potential risks that are so often associated with other forms of dispute resolution.
Mediation is a useful approach when parties in dispute have an ongoing relationship that they wish to preserve, such as a joint venture or long-term supply contract. With mediation, this is possible whereas there is unlikely to be any legal basis for seeking such relief in arbitration or litigation.
All ICC Mediations are administered by the ICC International Centre for ADR and follow the ICC Mediation Rules. Just as the Court is the only body empowered to administer proceedings under the ICC Rules of Arbitration, the Centre is the only body entitled to administer proceedings under the ICC Mediation Rules.
ICC Mediation is quick, expensive and flexible. It’s a process that enables parties to reach an agreement on solutions that could not be achieved through other processes, such as arbitration or litigation. Even better, it helps parties to take into consideration each other’s commercial and other interests. ICC Mediation procedure steps include:+
Not only time-saving, mediation is also known for its cost-effectiveness. The rate of an ICC Mediation proceeding consists of the filing fee; deposit and ICC administrative expenses; and the mediator’s fees and expenses—all of which are handled by an independent and experienced institution, the International Centre for ADR.+