What is the process of mediation of commercial disputes?
Once the Authority appoints the mediator, the mediator will decide the date and time of each mediation sitting after consulting with both the parties, which may be held jointly or separately. During the course of the mediation proceedings, both parties will make settlement proposals to the mediator. The parties can instruct the mediator regarding the extent of disclosure of their proposal by the mediator to the opposite party. Further the proposed settlement can be exchanged with the opposite party either orally or in a written format. If the parties are able to reach a mutually agreeable settlement with respect to the dispute, the terms of the settlement will be reduced to writing and it will have the same status as an arbitral award.
