A medication is out-of-court method of resolving the debt in question. All parties (the business and the debtor), as well as their legal council and a 3rd party mediator facilitate. In this process, a trained mediator (generally a lawyer with many years of contract law experience) will function as a liaison between the desires of both groups in helping them understand one another’s position. Mediation avoids the costly and lengthy process of litigation and will generally result in a decision faster than waiting for a trial. However, this method is contingent upon both sides reaching an agreement at the mediation. Both sides come out of the mediation understanding one another, even if the case does not settle. If you find yourself interested in pursuing any type of debt collection against someone who owes you money, contact Pak & Moring to discuss your situation, and see if we can help you receive the funds you are owed.
(Please note: while informative, these posts are not intended to be formal legal advice and are not completely authoritative and should not be solely relied on as a primary basis for legal action.)