Mediation is a highly effective and cost-efficient form of conflict resolution that can help resolve disputes in a timely and amicable manner. Mediation involves mediation by an impartial third party who helps facilitate dialogue between the parties in dispute, helping them find creative solutions that meet their interests while preserving important relationships in the long term.

The biggest benefit of mediation is that it allows both parties to have complete control over the outcome of their dispute without outside pressure from a judge or arbitrator. This autonomy gives participants the freedom to explore novel solutions and agreements that are tailored specifically to their interests and those of their opponents. Furthermore, mediation typically requires fewer hours than other methods such as litigation or arbitration, making it a more cost-effective solution for resolving conflicts quickly.

Mediation also helps preserve relationships between disputing parties by encouraging open-mindedness and productive communication during negotiations. This can be especially beneficial for businesses, families and other groups in which people have to continue working together despite disagreement on certain issues. Therefore, mediation provides an opportunity for individuals to come up with collaborative solutions while maintaining respect and dignity - something that is often lost when court proceedings come into play.

Moreover, mediation allows people to reach a resolution quickly and efficiently, as opposed to waiting months or even years for a trial in court or arbitration process to conclude. This makes mediation particularly useful when time constraints are an issue - such as when contracts need to be settled immediately so certain goods or services can be obtained right away - as well as situations involving sensitive matters that require immediate resolution with minimal exposure or publicity.

Overall, mediation offers numerous benefits including faster resolution times, greater autonomy during negotiations, increased creativity in problem solving techniques, preservation of relationships between parties involved in the dispute, higher cost efficiency compared to other forms of conflict resolution and more flexible outcomes tailored specifically to all participants involved.

Here are some references on the topic:

• American Bar Association - "Five Tips to Prepare Your Client for Mediation"
• United States Office of Special Counsel - "Advantages of Mediation"