Farm Debt Mediation Act 1994

If the parties are satisfied that a draft mediation agreement sets out the main points agreed on by them during, or within 24 hours after the end of, the mediation, the parties may enter into a mediation agreement by signing the draft agreement.

A mediation agreement is binding on the parties to the agreement.

A mediation agreement may be varied or replaced by a further agreement in writing between the parties.

If the mediation agreement does not include the statement relating to the cooling off period for the agreement as required by this Part, the creditor who is a party to the agreement is to give to the farmer a statement relating to the cooling off period.

The statement given by the creditor is to be in the approved form.