Mediation can be much less expensive than litigation which generally requires payment of filing fees, fees for service of documents, court fees and, of course, advocate fees. Additionally, in mediation there is no resolution unless and until there is an agreement that you accept.
In litigation, a judge you do not know will decide for you how your dispute will be resolved. Thus, mediation offers you greater control over the outcome. Further, studies have shown that, not surprisingly, parties are much more likely to actually obey the terms of an agreement they entered than they are to obey a resolution that was forced upon them. This can help bring a sense of closure that allows you to put the dispute behind you and concentrate with your business and your life.