When dealing with a potential business dispute, one of the most important things to do is understand that you can look at more than just litigation when it comes to solving it. In fact, litigation may serve as a mistake.
After all, business ties serve as a valuable cornerstone for any healthy business. Thus, you want to preserve yours as well as you can.
Arbitration and mediation
FINRA discusses some of the alternative methods of dispute resolution available. The two most popular options remain mediation and arbitration. Mediation works better if you believe you can solve your problem largely amongst you and the other parties, but want a guiding hand to ensure things stay on track.
A mediator cannot make decisions for you, but they can chip in with their opinion. They can also guide discussions, such as ensuring that all parties have the chance to speak their mind and say their piece.
On the other hand, arbitrators have more power and serve a purpose closer to a judge. They can make legally binding decisions that you and the other parties must abide by. At the same time, though, you can still skip going to court and dealing with the associated fees. You can also avoid your personal business having a public record, which is the case with disputes that you take to court.
Why choose one of these options?
Choosing one of these options will let you save time, money and potentially the goodwill behind your relationships with your business partners. Above all else, this could serve as one of your biggest saving graces and the reason why you should put litigation on the backburner.