Mediation is a voluntary, non-formal and confidential out-of-court procedure. Its starting point is the optimisation of the negotiation process, whereas its goal is to solve a conflict via negotiation and work out the best outcome for every party. The mediation process can be completed legally binding, even certified by a notary. Thus, it can be seen equivalent to a court order.
The mediator is a neutral third party. He assists the settling of conflicts of two or more parties and straightens out even difficult situations by enabling communication between conflicting parties and clarification of contentious issues. The parties involved always remain in control of the subjects of negotiation and decide about a successful outcome.
Advantages of economic mediation: Contrary to a court and thus public procedure, the matter in dispute remains undisclosed. Furthermore, planning safety can be obtained by the ruling out of uncertainties and the possibility to dissolve accruals in balancing. Moreover, mediation leads to decisive time savings. Empirically, it takes between 0.5 and 3 days. A successful outcome with a binding solution within weeks from the start of the conflict is thus possible. A court or arbitration tribunal procedure usually can take years.