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Mediation
Mediation is a method of dispute resolution in which parties use an independent mediator to facilitate a mutually beneficial outcome for both parties to a dispute. Unlike arbitration, the mediator makes no judgment about the relative merits of the case. Under a mediation agreement, an agreement reached by the parties is not legally binding. Mediation may be specified in a contract prior to any dispute or chosen after a dispute has arisen. The mediator should have the required training as well as industry experience, since the he or she may be asked to assess the merits of each party's position.
Source: "Manual of Credit and Commercial Laws," edited by Charles M. Tatelbaum and John K. Pearson, available at the NACM Bookstore.