When you own and operate a Florida business, the odds of you needing to navigate a business dispute at some point are quite high. Yet, contrary to what you may think, not every business dispute has to cost your company a hefty sum. Instead, it may benefit you to consider alternative methods of resolving your dispute before you take things before a judge or jury.
Per the American Bar Association, some types of dispute resolution, such as arbitration, typically take less time to resolve than traditional, litigated courtroom battles. There may also be other benefits that come with resolving a business dispute outside the courtroom. Before deciding how to move forward, know that many professionals choose to resolve their disputes using one of the following three methods.
In mediation, opposing parties come together with an unbiased third party who hears all the details and then recommends a resolution. The mediator’s advice bout how to proceed is just that – advice, meaning it has no legal standing.
Often cheaper and faster than traditional litigation, arbitration is somewhat like mediation in that it has you and the other side or sides come together and share your sides with an unbiased third party. However, the work of the arbitrator is final and legally binding.
When nothing else helps you resolve your dispute, litigation may be the natural next step. In litigation, all sides secure their own legal representation and then plead their cases in court.
Many variables might help determine what type of dispute resolution might serve your needs most favorably, among them how much time you have to devote to the case and whether you need to try to preserve the business relationship in the future.