Banking mediation provides a solution for disputes between borrowers and financial institutions, aiming to establish a mutually advantageous agreement. This approach is especially effective in addressing the settlement of overdue debts.
The primary goal of a banking mediator is to resolve each banking dispute in a manner that enables the borrower to meet the restructured terms, avoiding asset seizures, bank account freezes, or foreclosures.
At the same time, renegotiating the terms of loan agreements with non-performing borrowers is also the most favorable strategy for financial institutions. By doing so, they can minimize or even entirely prevent losses while managing sustainable loans.
Commercial mediation addresses disputes involving merchants, consumers, business owners, partners, and shareholders within the same company. Such disputes may involve consumer disagreements, issues related to commercial agreements, invoices, checks, commercial leases, franchises, leasing arrangements, or internal company conflicts.
The primary objective of commercial mediation is to efficiently reach a resolution that fosters a harmonious relationship between the parties while maintaining confidentiality. This approach helps to avoid any unwanted publicity that could potentially arise from the dispute.
Financial or property-related disputes often arise within the context of family asset disagreements among relatives. Mediation can lead to a resolution of these disputes in a civilized, direct, and, whenever possible, painless manner.
Mediation is also ideal for resolving cross-border family disputes that involve multiple legal jurisdictions, where court battles can be difficult, time-consuming, complex, and costly.
With the consent of both the employer and employee involved in the dispute, employment mediation aims to resolve the issue and restore mutual respect between the parties.
The ultimate goal is to address the parties’ fundamental concerns within the context of their working relationship. Mediation can prevent or address timely issues with negative consequences for both parties, such as complaints to the Ministry of Labor, referral to an Arbitration Court, reduced performance, inefficiency, loss of customers, and even harm to the mental and physical health of the individuals involved.
Maria Vassiliou is a certified Mediator and a member of the Cyprus Center for Alternative Dispute Resolution. She is also listed in the Cyprus Chamber of Commerce and Industry (CCCI).
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