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2 alternative approaches to resolving business disputes

| Oct 19, 2021 | Business Law |

When you have a business dispute, it can affect your operating costs or your company’s reputation. You obviously want to protect your business, which might inspire you to take steps that actually undermine the business’s long-term success. 

For example, you might decide to set aside a dispute with a previous business partner or former employee so that you don’t have to take them to court. You may worry about the expense and reputation damage that comes from litigation. 

Exploring alternative dispute resolution systems may be a better solution than just choosing not to take any legal action at all.

Mediation or arbitration can keep your issue out of court

Litigation means making your dispute public and incurring costs in court. There’s also no promise of success, as a charismatic individual could put on a show in court that makes their default or breach seem like an honest mistake. 

Alternative dispute resolution can help you address the big issues affecting your business without dragging everyone into the matter. Most people will choose either mediation or arbitration to resolve a major dispute outside of court. 

In arbitration, a third party plays a role much like that of a judge and decides the right resolution. In mediation, you work with a neutral mediator to find a compromise that resolves the issue favorably for both parties. Either approach can lead to the timely resolution of a conflict while protecting your company from the reputation damage and expenses possible during a litigated business dispute.

Learning more about business law and the way to handle disputes can help you better resolve matters that negatively affect your company.