Forbes.com ran an Associated Press story on October 14, 2008 about a federal judge’s appointment of a mediator to work with parties to reach a settlement on damages in a bankruptcy case. Asarco, LLC seeks more than $10 billion in damages against Americas Mining Corporation. The judge has already ruled on liability and now wants the parties to try to resolve the damages issue with the mediator’s help, in sessions today and tomorrow.
This situation highlights one of the great benefits of business mediation: its flexibility. When it began, this dispute had two parts (at least): liability and damages. Sometimes parties choose to mediate an entire case; other times one part of it. Each situation is unique and mediation can be tailored for a custom fit.