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

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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. Together 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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 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.


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