Subdivision 1. General. The effect of a mediated settlement agreement shall be determined under principles of law applicable to contract. A mediated settlement agreement is not binding unless:
(1) it contains a provision stating that it is binding and a provision stating substantially that the parties were advised in writing that (a) the mediator has no duty to protect their interests or provide them with information about their legal rights; (b) signing a mediated settlement agreement may adversely affect their legal rights; and (c) they should consult an attorney before signing a mediated settlement agreement if they are uncertain of their rights; or
(2) the parties were otherwise advised of the conditions in clause (1).
Subd. 2. Debtor and creditor mediation. In addition to the requirements of subdivision 1, a mediated settlement agreement between a debtor and creditor is not binding until 72 hours after it is signed by the debtor and creditor, during which time either party may withdraw consent to the binding character of the agreement.
1984 c 646 s 3; 1986 c 398 art 17 s 5; 1999 c 190 s 1
Structure Minnesota Statutes
Chapters 570 - 583 — Postjudgment Remedies; Alternative Dispute Resolution; Bonds
Chapter 572 — Arbitration; Mediation
Section 572.31 — Minnesota Civil Mediation Act, Citation.
Section 572.35 — Effect Of Mediated Settlement Agreement.
Section 572.36 — Setting Aside Or Reforming A Mediated Settlement Agreement.
Section 572.37 — Presentation Of Mediator To Public.