Define: Mediation

UK Accounting Glossary

Definition: Mediation


Quick Summary of Mediation


A nonbinding process in which a third party attempts to settle a problem between two other parties.
a negotiation to resolve differences that is conducted by some impartial party



What is the dictionary definition of Mediation?

Dictionary Definition


Intervention in a dispute in order to resolve it; arbitration.

  1. Negotiation to resolve differences conducted by some impartial party.
  2. The act of intervening for the purpose of bringing about a settlement.

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Full Definition of Mediation


Mediation is a dynamic, structured, interactive process where an impartial third party assists disputing parties in resolving conflict through the use of specialized communication and negotiation techniques.

It is an informal, voluntary, and confidential form of conflict resolution which allows a third party to assist in resolving a legal conflict between two parties. It is often used in divorce and allows a settlement without going to trial.

In mediation, a trained mediator helps people in conflict discuss concerns and, when possible, decide a fair solution. The benefit of mediation is it allows for a mediator, who is a neutral person, to help parties discuss their conflicts. The mediator, however, does not decide who “wins” or “loses.”

Mediation allows for a third party to evaluate each party’s side, identify the issues, discuss the party’s needs and help each party talk about solutions. Mediation can be done together with each party or independently. The benefit of mediation is can save cost and time over going to trial. Some conflicts will require each party to attempt mediation prior to trial.


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Examples of Mediation in a sentence


After the claim was denied, the CFO met in mediation with the representative of the insurance company to try to work out a solution.
Mediation is a less expensive option than litigation and is a good first step to try and settle a dispute.


Synonyms For Mediation


intermediation


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/mediation/
Modern Language Association (MLA):
Mediation. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/mediation/.
Chicago Manual of Style (CMS):
Mediation. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/mediation/ (accessed: April 04, 2020).
American Psychological Association (APA):
Mediation. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/mediation/

Definition Sources


Definitions for Mediation are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February 2020.