Mediation – The Often-Missed Opportunity!

Abstract

Parties have the opportunity to regulate the dispute, and during mediation, an acceptable solution for the dispute resolution can be seen, which will strengthen the personal or business relationship between the parties in the future. One of the key functions of a mediator to successfully mediate business disputes is to focus on the interests of the parties and be able to separate them from the positions of the parties. International mediation is seen as the amicable process of the resolution of cross-border commercial disputes, which helps parties to preserve commercial relationships. The mediator should individually analyze every case before a mediation meeting is planned. The mediator should decide whether to start with a general joint meeting or conduct individual meetings. The above-mentioned has a great impact on future processes and results. The implementation of general mediation standards in national law is a big challenge. Standards on applying enforcement and refusal mechanisms in International business disputes are general, vague, and more evaluative. States should work on the development of national guidelines and case law regarding the evaluation process of mediation by court. Digital assets from Blockchain Technology can be inherited, and because of the specificities (different territories, internet space, and different tech companies) of currency, disputes may arise in transacting inheritance. It is debatable why the Singapore Convention should not apply to settlement agreements raised from cryptocurrency.