Disputes can always be resolved through negotiation. They are common among businesses. However, there will be disputes where an agreement between the parties might seem impossible due to which unbiased help would be needed to help reach a resolution. Court litigation might seem like the only option for resolving disputes but there are many different ways to do so. It all depends on the interests and needs of the parties involved.
Moreover, going into business with a partner can seem like a great idea. Besides, two is always better than one. Besides, it can be fun to work with a familiar face by your side. Such collaborations are common among businesses, particularly where professional services are offered like startups and firms.
Unfortunately, disputes do arise in certain circumstances. A partnership dispute can easily become a bitter dispute. Fortunately, disputes can be resolved or even avoided. It does require a reasonable amount of effort, a small investment of time and money, and empathy. Disputes are a common occurrence. It is up to you to manage it. Find out the 10 different ways to resolve business disputes by reading this post.
- Know the Law to Resolve Disputes
The easiest way to resolve disputes is by knowing the law and avoiding them in the first place. When one party does not know the specific provisions of law that they have broken, disputes can arise. It is important to know your rights under the law. Take your time to learn the law and stay up to date with all the relevant business laws. They will help resolve disputes. When you know the law, you will be better able to negotiate with the other party.
- Stay Cool
Never lose temper when a situation arises, even if the other party is responsible. Focus on remaining calm and do your best to control the situation. If it is difficult and the other side does not cooperate, you might need to seek assistance by going to court. However, when you stay cool, you end up appearing in the best light possible.
- Talk It Out
It is common for problems to occur during business activities. They can be solved through discussions. Do not let that quick temper flare, even if it is justifiable anger. There may be an honest answer to the issue. There is no need to blow it out of proportion. It is always easier and cheaper to work it out between each other in the long run.
- Meet Face to Face
If you have exchanged angry words with the supplier, customer or partner over email or the phone, then a face-to-face meeting is crucial. Choose a neutral territory to host the meeting where both parties can feel safe.
- Hire a Professional Business Mediator
Sometimes, the best way to resolve a business dispute is by hiring a mediator such as Indian River County Business Mediator to help ensure that both the parties reach an agreement that they do not end up regretting later on. If you have already tried to resolve the dispute without avail, then a professional mediator is just what you need to assist you. There are various business-dispute mediators out there who are trained in dealing with difficult situations. Mediation might be the best remedy for a business dispute. There are many advantages to seeking the help of a professional mediator. He/ she will have a neutral stance on the matter.
- Submit for Arbitration
Arbitration is somewhat similar to mediation. The process is quite similar, but arbitration is binding. The arbitrator would hear both sides of the case and would issue a binding ruling that both the parties would need to adhere to. However, if you are in the wrong, then it should not be considered. Instead, you should directly own up to the problem and amicably settle the issue with the partner, customer or supplier.
Both parties need to agree to refer the business dispute to arbitration. Arbitral awards are enforced throughout the world. The arbitration agreement should be carefully considered. Understand the language of the arbitration and consult with a specialist before opting for arbitration.
- Document Everything
When it comes to business disputes, it is important to have a paper trail. It is your best defense in case any legal action is taken by the other side. If you or your business partner has repeatedly broken the terms and conditions of the contract, or if there are any unreasonable demands on part of the other side, you will need to document everything to help prove your case. Keep a file for each individual that you have a business dispute with and record all the transactions, messages and other conversations. The documentation can be presented to the other side to dissuade them from heading to court and to resolve the business dispute.
- Let the Lawyers Decide
Lawyers are your best friend if you want to ensure that the business dispute is resolved in your favor. They know every nook of the law and can use it in your favor. Once the lawyers get involved, you can rest assured because the lawyer will represent you and ensure that your point is mentioned. They can help settle the case out of the courtroom which is a victory for you.
- Small Claims Court
Disputes arise for various reasons and many fall under the jurisdiction of small claims court. It is much cheaper than civil or criminal court and offers a quicker resolution. A small claims court is easy to navigate.
Finally, if you used the above avenues and are exhausted, then you have no option left but to take the other side to civil or criminal court. Remember, all business-related disputes can be resolved in court. The constitution affords you the right to turn to the court. The type of court to turn to could be already established in the contract. Other, the law will define which court will deal with your dispute.