Why not try Mediation?
Although no party to an arbitrable matter can be required to submit to mediation, frequently it is the best way to resolve conflicts that arise involving members.
In Mediation a Mediation officer will meet together with both the complainant and respondent in an informal basis. The goal is to have the parties reach an agreement without the formal process. It also allows informal conversation and on opportunity for each side to understand the other parties position. Often an agreement is reached which is acceptable to both sides-if not it will go on to arbitration.
Mediation
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Arbitration
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Informal meeting (ideally it is between the broker/manager) of the two firms and one mediation officer
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Formal hearing with witnesses, attorneys, three to five panel members, formal statements
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Discussion between the parties
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Formal swearing in, testimony
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All parties agree to the decision.
Win-win option
Relationship has opportunity to stay in tact.
Give away the decision to the member of the panel. No win-win option.
Win-Loose
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Give away the decision to the member of the panel. No win-win option.
Win-Lose
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If an agreement can NOT be reached between the parties the issue will be sent to a hearing, however, no discussion at the mediation will be admissible at the formal hearing
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The panel decides who gets the money and there is no appeal-you get only one chance
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Leave knowing the results
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Must wait for the results to be mailed as certified mail
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Mediation Not Mandatory: It must be understood by all parties that participation in mediation procedures is entirely voluntary. The parties should be offered the opportunity and encouraged to participate in the mediation process in good faith, and, further, encouraged to abide by the determination. The parties to mediation should be aware that they may withdraw from the process at any point prior to reaching an agreement. Any offers of settlement that were not accepted or any suggested resolution proposed by the Mediation Officer that was not accepted will not be introduced as evidence nor considered in any manner should the matter require arbitration by the Board’s Professional Standards Committee. However, if the parties agree to a settlement of the dispute, and the settlement has been reduced to writing and has been signed by all of the parties, the matter is deemed resolved and cannot be the subject of a subsequent arbitration hearing. In the event either of the parties later fails to abide by the terms of the settlement, the matter may not be arbitrated; instead, the other party should be encouraged to have the settlement judicially enforced by a court of competent jurisdiction.
There is a non-refundable $250 filing fee to request mediation.
Request for Mediation
File your Mediation Request Online Here
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Related Links
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