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Settling business disputes without going to court

On Behalf of | Oct 10, 2019 | Business Law | 0 comments

All business owners want to make their vendorscustomers and employees happy. But sometimes you may end up in a dispute that you cannot easily settle. When significant amounts of money or a reputation is at stake, sometimes you need to get help. 

Staten Island business owners have a number of options for settling disputes, often without going to court. Mediation and arbitration are two common forms of alternative dispute resolution. 

Mediation allows you to discuss matters together with a third party 

Some disputes are more amicable, but the two parties are still unable to resolve a matter informally. For example, you and your vendor may agree that a product shipment was defective but disagree over what the vendor should pay. You may have suffered additional damages because you installed the vendor’s parts in your equipment and now must pay to replace all of them.  

A mediator helps you and the other party understand what happened, what the options are, and how to make it right. Mediation often preserves the relationship by finding the win-win scenario that works for all parties concerned. 

Arbitration allows for a binding third-party decision 

If both sides can agree to binding arbitration, they can decide a matter without as much expense as going to court. For example, a customer might dispute whether you delivered something in working condition, even if you know you did, and refuse to pay for it.  

Arbitration is more like litigating a matter in court than mediation. In arbitration someone wins and someone loses. However, it can be quicker and less costly, and even if it does not directly result in a decision, the process may lead the parties to an out-of-court settlement. 

Going to court should be a last resort, but you do not always want to simply accept what the other side wants you to do. You may find that mediation or arbitration is a good alternative to handling your business dispute.