Dealing with business disputes will always hold some element of stress. But they will happen regardless of the precautions you take. These precautions are still important, but it is more important to have a plan for dealing with disputes.
You can prepare in many ways. One of these ways is by understanding alternative forms of dispute resolution methods.
Arbitration
FINRA discusses alternative forms of problem solving if you do not want to immediately leap to litigation. While litigation works in some cases, it is often cumbersome, time consuming and expensive. But it does provide good structure, especially for more complex cases.
If your case falls under this category, you might want to look into arbitration. This is a step away from litigation but holds many similar benefits. For example, an arbitrator fulfills the same duties as a judge. They listen to your case and decide what to do based on the evidence provided. Their final decision is legally binding, meaning all parties must abide by it.
Arbitration does not require a court date, however. This allows you to avoid having to schedule a hearing and present your case in front of a jury.
Mediation
Another potential option is mediation. This works best for disputes that are not too complex or intense. You should have an idea that you could solve the issue mainly on your own, but just need a little extra guidance or structure.
A mediator’s role involves providing guidance, opinions and potential solutions for all parties involved. But they cannot pass down a legally binding decision, so it is up to you to decide what to do. Each of these options offers its own benefits and drawbacks, which you can consider as you work through your case.
