Can you revise or change the outcome of a mediation after an agreement has been met?

UPDATED: Oct 1, 2022

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Can you revise or change the outcome of a mediation after an agreement has been met?

My family was in an estate dispute with some
relatives who were limited partners in our ranch
partnership here in Texas. My mother is and
has been the general partner and majority
interest holder in the ranch for many years,
even before my grandad passed away. My
mom, dad and I run and oversee the day to day
operation of the ranch. The two limited partners
wanted out of the partnership and we wanted
them out as well. New Link Destination
gether we couldnt come
up with an agreement, so we went to a
mediation to prevent court costs and growing
legal fees. At the mediation, which lasted only
one day, we did come up with a figure to buy
the two limited partners out. It was an
extremely outrageous price and didnt go along
with the appraisal of the ranch, but due to poor
legal council we felt that was the best we could
do at the time. Documents after the mediation
were unfortunately signed. My question is, is
there anything we can do after a mediation to
try and get a better deal for us and our
ranching business? Can we renegotiate for a
lower, fairer price reflecting the appraisal of the
ranch? Or are we stuck with the outcome that
the mediation resolved?

Thanks for any help.

Asked on July 10, 2018 under Estate Planning, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Once the mediation agreement is signed by all parties, it is a contract: the parties to (e.g. you and the limited partners) are all bound to it. You cannot revise or change the agrement without the consent of the other parties to it--the limited partners would have agree to reduce the price or other terms. If they don't agree, they can enforce the agreement as signed.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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