Independent mediation process
BDC is committed to working closely with its clients to ensure the long-term viability of their business. There are times, however, when BDC must call a client’s loan or change the conditions of a financing agreement because of an adverse change in the level of risk. The independent mediation process is available to clients in this position who believe an independent mediator could be useful. Mediation is also an option for some complaints involving BDC's advisory services.
The key points of the process are:
Clients have access to an external mediation service that will review BDC’s and the client’s positions and organize a mediation session to help the parties find a fair and workable solution to the problem.
All information shared during the mediation process remains strictly confidential to those involved in the process.
The process is available to BDC clients if:
- the complaint handling process has been followed;
- the complaint is about the calling of a loan, changing the conditions of a financing agreement or an insoluble issue related to BDC's advisory services;
- the co-lender, if any, agrees to mediation.
Clients can initiate the mediation process by contacting the Ombudsman.
- BDC will clearly explain the mediation process.
- Participation in mediation is entirely voluntary.
- BDC or the client may withdraw from mediation at any time if either deems that continuing on such a course could be detrimental.
- Where possible, the independent mediator will help the client and BDC to reach a mutually agreeable solution. However, the mediator has no power to overturn a participant’s decision.
- The client and BDC will share the cost of mediation equally.
- Formal mediation is usually completed within a one-day session.
The commencement and conduct of all proceedings are without prejudice to the rights of both parties, including those of BDC to protect its interests. The mediation process will take place in accordance with the terms of a standard mediation agreement.