As the owner of a North Carolina business, the chances of your business finding itself involved in a dispute at some point is high. Some business disputes arise over disagreements between partners or disagreements on contract terms. Other times, they arise as a result of real estate disagreements or issues that arise between shareholders, among other common causes. While a business dispute has the capacity to cost your business quite a bit of money, it does not necessarily have to be that way.
According to Smart Business, the following are some of the most common methods today’s business owners use to settle business disputes.
It may benefit you and your business to try mediation before litigating a business dispute. In mediation, you, the opposing side, and, in some cases, your attorneys, come together with a third-party mediator who is familiar with the type of business dispute you are facing. The mediator then offers a nonbinding solution and it is up to the parties involved to accept or reject the resolution.
Arbitration is another possible alternative to litigation and also involves opposing sides coming together with a third party. However, when the arbitrator makes a decision, that decision is legally binding.
When other options fail, traditional courtroom litigation may prove necessary to resolve your business dispute. Litigation is more public than the other options, but in some cases, it may prove unavoidable.
In some instances, it may benefit you to try to negotiate with the other parties embroiled in your business dispute before moving forward with mediation, arbitration or litigation. Please contact our firm for more information on resolving business disputes.