Gold Magazine November - December 2013, Issue 32 | Page 40

SPOTLIGHT ON... MICHALIS AVRAAM & Partners Limited MEDIATION - NEVER CUT WHAT YOU CAN UNTIE WE ARE NOT JUST AN AUDIT FIRM Michalis Avraam & Partners Ltd was established in 1996 and is a public practice firm of chartered and chartered certified accountants offering audit, tax and advisory services. It is based in Nicosia, Cyprus and is a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). In addition to providing traditional audit, tax, advisory services including receivership / liquidation and corporate restructuring services, our firm specialises in the provision of business dispute resolution services. Michalis Avraam (managing director of Michalis Avraam & Partners Ltd) is a trained mediator, a member of the Cyprus Mediation Association, a member of the Association for Conflict Resolution based in Washington D.C. and an approved mediator by the Cyprus Ministry of Justice. His training included courses in developing peace building conflict intervention skills, advance humanistic transformative mediation, conflict management, divorce and family mediation and practical mediation experience. INTRODUCTION TO MEDIATION Mediation is an Alternative Dispute Resolution (“ADR”) process, whereby a professional mediator assists the parties to negotiate a settlement that will satisfy their basic needs, as an alternative to litigation and arbitration. The amicable settlement agreed between the parties, while not always satisfactory to either side is the best of all worlds and a win-win for all sides. Mediation gives involved parties the opportunity to: ● Discuss the issues raised in the dispute ● Clear up misunderstandings ● Determine the underlying interests or  concerns ● Find areas of agreement and incorporate  those areas of agreement into resolutions THE ROLE OF THE MEDIATOR A mediator is a trained professional, neutral third person selected by the parties to a dispute. The mediator has no interest in the outcome and is not a judge imposing a decision on the parties. The mediator’s role in general is to facilitate the process from a position of impartiality, having no vested interest in the outcome of a dispute between parties. The mediator will listen and help the parties identify the underlying causes of the conflict and the generation and evaluation of options to resolve or manage it. The agreements and outcome in arriving to a mutually acceptable resolution are decided by the parties. MEDIATION AS AN ALTERNATIVE TO LITIGATION Private and confidential The mediation process is strictly private and confidential. There are no court appearances and the nature and other information about the dispute is not made public. Complete control of the process and outcome Participation in the process is voluntary and any party can withdraw and terminate the process at any time. In mediation, the parties take all the decisions keeping control of the process and outcome thus minimizing the risk of an adverse decision by a third party or court. Non-exclusive process The mediation process can take place in parallel with legal proceedings. If a mediated solution is not reached the parties will be able to revert to other dispute resolution processes including legal proceedings. Rapid, Economical, Settlements Mediation provides the parties with an opportunity for a more timely way of resolving disputes. Mediation costs are less expensive compared to the total expenses of litigation or other forms of dispute resolution. Less Stressful The mediation process operates in an environment that allows the parties to express their views, needs and desires freely, communicate effectively and tolerate other points of view. Mediation allows parties to raise all the issues they feel are relevant aiding the restoration of working relationships between the parties and also in planning for ways of preventing or resolving future conflicts between the parties. Customized Agreements and a High Rate of Compliance The parties can tailor their settlement to their particular situation. The mediation process is generally accepted as a more equitable process. The process and environment that develop allows for the generation and exploration of more creative ideas and solutions. Agreements through mediation are generally more likely to be followed and complied with, than those imposed by a third party decision maker. WHO CAN BENEFIT FROM MEDIATION Mediation assists clients to resolve: ● Business disputes ● Contr act related disputes ● Employment and other labour disputes ● Real Estate disputes ● Construction defect cases ● Personal injury and other insurance related  claims ● Marriage and Divorce related disputes  ● Community, Cultural and Political disputes Lawyers, banks, insurance companies and other financial institutions can use our mediation services by referring disputes that are difficult to resolve and/or are stuck in a lengthy legal process and in their opinion a quick resolution and out of court settlement of the dispute will be in the best interest of all parties concerned. CONTACT INFORMATION Michalis Avraam & Partners Limited 8 Dighenis Akritas Avenue, Office 403 1045 Nicosia, Cyprus Tel: [phone]   Fax: [phone] e-mail: [email protected] Websites:  ww.amicha.com w www.firstmediation.net 40 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS spotlight_on.indd 40 07/11/2013 18:32