Commentary: Mediation can help preserve or even repair relationships
The Covid-19 pandemic has undoubtedly changed business practices—both for better and for worse. Mediation is not an exception to this case. In his opinion piece in the Business Times (published on 4th December 2021) Mr George Lim SC, Chairman of the Singapore International Mediation Centre spoke about these changes and provided some insights about what this could mean for where mediation is headed.
His position was one of optimism and opportunity for the industry.
George observed that “more businesses are adopting mediation as the first port-of-call… and that “the cases run the gamut of industry sectors and are also becoming more complex.”
George goes on to elaborate on the advantages of mediation from a time and cost perspective. He also emphasises that mediation proceedings are confidential, and should parties reach a settlement, they can agree on flexible and creative solutions. This provides for certainty of outcome.
He cited the example of a cross-border commercial case jointly administered by SIMC and JIMC (Japan International Mediation Center). The case reached an in-principle agreement on the second day of mediation. The counsel for one of the parties remarked that it was a “very successful experience”.
Finally, even as the pressures from these tumultuous times lessen, “businesses will do well to ensure that the mediate-first mindset is entrenched in corporate culture for the long run”.