Credit Suisse to cut 5,300 staff jobs
Credit Suisse warned it had lost a net SFr3bn in the two months to the end of November and would axe about 11 per cent of its workforce, principally in investment banking
US auto union makes concessions
The main car workers' union said that it would suspend a contentious practice that allows so-called 'idled' car workers to collect virtually full pay and benefits without working
Nippon Oil, Nippon Mining to merge
Japan's top refiner Nippon Oil Corp and sixth-ranked Nippon Mining Holdings said they are considering a merger to create the world's eighth-largest oil major to better compete amid sliding prices and slower demand
Nomura to slash 1,000 jobs in London
Nomura is planning to cut about 1,000 jobs in London, or more than 20 per cent of its staff in the city, following its purchase of parts of Lehman Brothers
Citigroup chiefs ready to waive bonuses
Citigroup's top executives, and Robert Rubin, a director and senior adviser, are ready to forgo their bonuses this year amid growing internal and external pressure to atone for the company's huge losses and a $300bn government bail-out
Another Goldman unit hit by decline
Goldman Sachs' plans to expand its wealth management operations have been dealt a potential setback by a dramatic decline in the value of another of its funds
Gulf facing a liquidity drought
As a global recession sets in, oil prices tumble and credit tightens, the good times are coming to an end
Carlyle to cut 10% of staff as downturn bites
Private equity firm Carlyle is cutting 10 per cent of its staff in the latest indication that buy-out firms will not be immune to the meltdown in the markets
Harvard endowment loses $8bn in four months
The world's wealthiest university placed the decline at 22%, bringing the figure to $28.7bn and underscoring how higher education has been hard hit by the global financial crisis
Adobe slashes revenue forecast
The US software group lowers its outlook for the November quarter to $912-$915m and announces job cuts, the latest indication of how the crisis has hit the technology sector
Chinese group sues Vale Inco
A large Chinese battery manufacturer is suing two units of Vale, one of the world's largest mining companies, in a patent infringement case that highlights the growing number of Chinese companies using local courts to protect their interests
Fortress suspends Drawbridge redemptions
The listed private equity group has suspended redemptions at its flagship fund in order to maintain assets after investors sought to withdraw more than $3.5bn in funds
Vodafone to appeal against India tax ruling
The Mumbai High Court dismissed a landmark challenge by Vodafone against a $2bn tax case in a blow to the UK group and a potential setback for other companies looking to make major investments in India
EDF tries to scupper Buffett's energy bid
The French state-controlled utility launched a direct challenge to billionaire Warren Buffett with a $4.5bn bid for 50 per cent of the nuclear fleet owned by its US partner Constellation Energy
Discounts drive 15% sales jump on 'Cyber Monday'
US online retailers saw an annualised 15 per cent jump in sales on the Monday following the Thanksgiving weekend, according to early estimates, as aggressive bargains boosted traffic on the day the industry has dubbed 'Cyber Monday'


between the parties, hands are shaken and business resumes, without the further complication of public scrutiny.

In a court case, there is usually one winner and one loser. Both sides present their cases to the judge and he alone decides the outcome. The business partners have no control in the decision making process. Someone goes away from the proceedings happy and the other person leaves feeling frustrated and angry. The case is decided but the business relationship is ruined.

The goal of mediation is to create a win-win situation. Since both parties come to the meeting willing to give and take a little, this is very often the outcome. Even though each side may have had to give in on one point or another, the fact remains they were able to work together to find a solution. This type of communication is essential in a successful business partnership. With mediation, an agreement is reached while preserving the business relationship. This is perhaps the most important outcome of the mediation process.

Some may wonder if the mediation agreement is binding? The answer is, yes, it is. Once both parties agree, a contract can be drawn up, signed, and will be legally binding. A contract such as this can even be used to address possible future problems before they even happen.

So, what happens if an agreement is not reached? Can information used in the mediation be brought up in a court case? For this question, the answer is a resounding no! All parties involved in the mediation process are required to sign a confidentiality agreement. This means that nothing that is said or discovered during the mediation process can be used as evidence in a court case.

Therefore, the only question left to answer is, what is there to lose by choosing mediation over a legal battle? Obviously the answer is, nothing! Business mediation is a fast, inexpensive, confidential process that most often results in a win-win situation for everyone involved. Business reputations are not at risk and relationships remain in tact. If a resolution is not reached, at least the effort has been made, and there will be no negative repercussions as a result.

Interestingly, even Bill Gates looked to mediation during Microsoft’s very publicized legal battle with the Justice Department and 19 of the United States. Unfortunately, in this case, mediation was not very effective. Of course, there was very little incentive for Gates to try to appease his accusers. So in the end, unless you are a monopoly-holding millionaire with nothing to lose, a quick, private compromise is probably more preferable to a public three-ring circus.

Article Source: http://www.articles-galore.com

By: Austen Koberstein. The Law Offices of Joseph J. Nardulli serve business and corporate clients in Orange County and Southern California. They specialize in mediation, arbitration, and employment litigation. Learn more about litigation or arbitration at www.JosephNardulli.com

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