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The help of an independent mediator can be a viable alternative in cases where an adverse change in risk requires us to call a loan. Consulting clients can also choose this option in some circumstances.
BDC is committed to working closely with its customers to ensure the long-term viability of their business. There are times, however, when BDC must call a customer's loan due to an adverse change in the risk level. The Independent Mediation Process is available to customers in this position who believe an independent mediator could be useful. Mediation is also an option for some complaints involving BDC's consulting services.
The key points of the process are:
Independence
Clients have access to an external mediation service that will review BDC's and the client's positions, and will organize a mediation session to help the parties find a fair and workable solution to the problem.
Confidentiality
All information shared during the mediation process remains strictly confidential to those involved in the process.
Eligibility
The process is available to BDC customers if:
- The complaint is about the calling of a loan or an insoluble issue related to BDC's consulting services;
- The co-lender, if any, agrees to mediation;
- The Complaint Handling Process outlined in this brochure has been followed.
Accessibility
Clients can initiate the mediation process by contacting the Ombudsperson.
Process
- BDC will clearly explain the mediation process;
- Participation in mediation is entirely voluntary;
- BDC or the customer 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 customer and BDC reach a mutually agreeable solution. The mediator has no power to overturn a participant's decision;
- The customer and BDC will equally share the cost of mediation;
- 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 the Bank to protect its interests. The mediation process will take place in accordance with the terms of a standard mediation agreement.
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