Business partners can find themselves in disputes that they are unable to resolve on their own. While some businesspeople may assume that their dispute is headed for litigation, the truth is that there are often better options.
Mediation is a process where the two parties in a dispute meet with a neutral third party. The mediator’s job is to help the parties come to an agreement. This can be done through negotiation, or by coming up with a creative solution that both sides can live with. This process can be helpful because it takes the emotion out of the situation and allows the partners to focus on what’s best for the business.
Arbitration is similar to mediation, but the arbitrator’s decision is binding. This means that the partners have to agree to abide by whatever decision the arbitrator makes. One unique aspect of arbitration is that it can be done without both parties being present. This can be helpful if the partners live in different cities, or if they are too angry to sit down and talk to each other.
Collaborative law is a process where the partners work with their attorneys to reach a resolution. This can be helpful because it allows the partners to have more control over the outcome of the dispute. It can also be less expensive than going to court. One downside of collaborative law is that it requires both parties to be willing to work together, which may not be possible if there is extreme ill will on either or both sides.
Litigation is the process of going to court and having a judge or jury resolve the dispute. This can be expensive and time-consuming, but it may be the only option if the partners are unable to resolve their differences. When seeking civil litigation, you should have all of the necessary evidence to prove your case, including witness statements, financial records and any other documentation that will support your argument.
No matter which option you choose, it’s important to have a clear understanding of the process before moving forward. While some of these options may be quicker and cheaper than others, they all have their own unique benefits and drawbacks. It’s important to weigh all of your options before making a decision.