Glossary
| Term |
Description |
| Mediation |
This is a process which is part of Alternative Dispute Resolution (ADR). It can be time-consuming and expensive to litigate through the courts so many commercial agreements, including partnership agreements, have mediation clauses in them.
Arbitration is a specific process involving an arbitrator who makes a decision under the Arbitration act 1996.
Mediation is a process where a trained mediator helps the parties reach a decision themselves. Mediation is encouraged by the courts. |
| Member |
In a Limited Liability Partnership (LLP) there are Members rather than Partners. |