Mediation moves into the boardroom as the Finance and Leasing Association and the Chartered Institute of Arbitrators introduce the UK's first business to business mediation scheme

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Mediation moves into the boardroom as the Finance and Leasing Association and the Chartered Institute of Arbitrators introduce the UK's first business to business mediation scheme

The Finance and Leasing Association and the Chartered Institute of Arbitrators today, December 3, announce the first B2B mediation scheme to reduce business costs in resolving disputes.

The Finance and Leasing Association (FLA), which is responsible for one quarter of all finance in the UK, in conjunction with the Chartered Institute of Arbitrators, has set up the first UK mediation scheme in the business-to-business arena, which can provide a significantly more cost effective, quicker and less stressful alternative to litigation.

The mediation scheme, which can be accessed through the website, is designed to resolve disputes quickly and cost-effectively in a relatively informal manner. The scheme allows both parties to walk away without prejudice and begin court proceedings if an agreement is not met. However, statistics show the success rate in traditional cases using mediation, measured by a successful settlement at the conclusion or within a short period after, is in excess of 90%.

Commenting on the scheme Martin Hall, director general, FLA said, "FLA members achieved £68.9 billion of new business in 2000. With this much money involved in commerce between businesses and their customers, there is clearly the potential for disputes to arise. The FLA has identified the need for an alternative form of dispute resolution to litigation which can be a lengthy, expensive process".

He added, "We already have a FLA code which has set the standard of good trading practice in the sector and by introducing the first UK business-to-business scheme we aim to continue that. We turned to the Chartered Institute of Arbitrators as it is internationally recognised as setting the benchmark for alternative dispute resolution (ADR). As a non-profit making body of qualified specialist they were the natural choice."

Gregory Hunt of the Chartered Institute of Arbitrators added: "This is the first business-to-business scheme in existence in the country and clearly illustrates how mediation is now moving into the boardroom. The FLA members have a real choice about how they settle disputes, which further underlines the Chartered Institute of Arbitrator's commitment to provide accessible justice without the anxiety and expense of going to court."

For further information please contact

Gregory Hunt
Manager, Dispute Resolution Services
Chartered Institute of Arbitrators
Tel: 020 7421 7444
Email: ghunt@drs-ciarb.org

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Mediation moves into the boardroom as the Finance and Leasing Association and the Chartered Institute of Arbitrators introduce the UK's first business to business mediation scheme

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