How Do You Resolve A Business Dispute

Conflicts are a part of life, there is no way to evade them. But, when it comes to business disputes, it’s a different matter altogether. Business conflicts are not as easily resolved and take a long time to deal with.

Although honest communication does help you navigate many business conflicts, but many corporate disputes involve piles of legal documents and agreements that need to be revisited to reach a successful resolution. Most business disputes involve financial claims and can only be resolved by involving a third party, in most cases a law firm or the court.

Here a few tips that help you reach an efficacious business dispute resolution:

Alternative dispute resolution:

Alternative Dispute Resolution or ADR is the process of dealing and resolving a conflict while avoiding interference from the court. With the rising cost of litigation lawsuits, ADR has become a preferable substitute for business dispute resolution. Aside from the expenditure involved, lawsuits can be cumbersome and harm your business’ reputation and sales. ADR is a good way to resolve your conflicts speedily, amicably, and without attracting much notice. For resolving disputes out of court, firstly you need representation from a good corporate counsel. A good litigation lawyer helps you understand the options with more clarity and select the simplest method of resolution. There are 3 distinctive approaches to ADR with different regulations for each. You can also choose a combination of these methods to resolve your dispute effectively.

Negotiation

Negotiation comprises of meeting the party involved in person with or without the representation of your business litigator and trying to work out a solution that is amicable to both. It requires compromise and clarity of thought on the side of both parties. Negotiation is an easy way to resolve conflict as it doesn’t necessitate the help of a third individual. But it is a more effective solution if both the parties share a good understanding and negotiating skills.

Mediation

Mediation is required in cases, the parties are unable to communicate effectively. An impartial mediator presents the cases of both the parties objectively and helps them navigate their differences in order to find an optimal solution to the conflict.

Arbitration:

Arbitration involves the presence of an objective arbitrator. When either of the parties is unable to resolve the conflict on their own, they can avail to the services of an unbiased arbitrator. Both the parties then present their case to the authority. The rules of the process are discussed and agreed upon beforehand and the dispute resolution follows the norms of the Arbitration Act.

Litigation

In certain cases, the animosity between the parties can be deeply rooted and may not be decipherable by alternate dispute resolution. The parties may also be strictly convinced of the correctness of their argument. In such cases, finding a common ground can be difficult and the dispute can only be resolved in court. During litigation, the judge impartially looks over the facts presented by both parties and rules the decision in favour of one.

Finding a resolution to your business dispute can be a tricky task. Therefore, if an issue of conflict to your business arises contact your corporate counsel directly to resolve it in the most effective way possible.

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