It’s inevitable that businesses hit bumps in the road. Matters get more complicated when two or more parties are involved. If an argument ensues and no agreement is made, businesses need to look at other legal options. There are various ways to resolve business disputes. However, each case is unique and requires a well-thought approach.
Oftentimes, business disputes are solved within the courtroom. Litigation is a viable option when the cost of the claim and the claim itself isn’t too big. In continuation, arbitration is another way to deal with the issues in court. Parties benefit from this option when they mutually want a fast resolution.
What about mediation?
Mediation is a strategy used in many different disputes. For this option, a mediator comes into play. This person is unbiased, and will attempt to help the parties come to an agreement.
Businesses benefit from taking this route when the parties involved want to maintain a healthy relationship after the dispute is resolved. They are less concerned about winning, and more concerned with keeping connection intact. In addition, both parties can do so while remaining more in control of the outcome.
Mediation isn’t for everyone. Some parties come into a dispute with strong opinions and an unshakeable position. In the absence of the court, parties might be unwilling to negotiate or compromise. It could eventually cost more in the end.
Litigation, arbitration and mediation are all options that have benefits and drawbacks. There’s no one-size-fits-all. Each case should be independently evaluated to determine the best route.