Mediation in the Equipment Finance Industry

Many of us have participated in mediation as a party or counsel. Perhaps it was a simple action against a lessee for default of a lease, a claim by a lessee that the leased equipment failed to perform, an action against a vendor or a claim that a lender failed to provide agreed-upon funds. Some have served as the mediator. I have filled all of these roles, serving countless times as counsel, as a mediator and, unfortunately, as a party. Others have heard of mediation, but have never participated. Still others have never heard of mediation, or confuse it with arbitration. This article discusses what mediation is, what happens at mediation, why mediate, what to look for in a mediator, and how mediation is an underused tool in the equipment leasing field.