Significance of Mediation in Loan-Related Disputes Against Microfinance Organizations in the Post-Pandemic Period in Georgia
DOI:
https://doi.org/10.48614/adr.2020.2021.66-91Keywords:
Lender, Remotely Carried out Mediation, Overdue, Mediation, Mediator, Microfinance Organization, Borrower, Settlement, Pandemic, Post-Pandemic Period, Loan-related Disputes, Loan.Abstract
The article aims at determination of effectiveness of the mediation tool in dealing with loan-related disputes against microfinance organizations in the post-pandemic situation caused by COVID-19. The procedural opportunity of applying the mediation can be considered as a means of recovery and rehabilitation of the legal and material situation of the parties involved in a similar type of dispute and affected by pandemic.
The article provides a general overview of mediation as of an alternative means of dispute resolution and the important legislative innovations for its introduction and development in Georgia. The study also focuses on analytical reasoning about the benefits of mediation over other means of dispute resolution in terms of pandemic and post-pandemic situations. The paper also presents the legal status of Georgian microfinance organizations to further assess the status of a party to the mediation process and examines effectiveness of mediation in loan-related disputes against microfinance organizations in post-pandemic conditions.
The study will facilitate the resolution of loan-related disputes through mediation to be recognized as an effective way to improve the difficult situation of the parties affected by pandemic and as an efficient means for the timely exercise of rights.
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