What are the best ways to settle business disputes?

Whether you’re a business owner or working for someone else, disputes are inevitable. But the way how you settle the dispute makes the difference. As business disputes have become very common these days, we’re here with a few best options that will help you to resolve business disputes with your vendors, partners or customers. The options are direct negotiation, national or international arbitration, mediation and litigation.

1.    Direct negotiation
This is one of the best ways to resolve the dispute when you want to save your money this won’t cost you much.  However, it is not an easy method as you’ll need proper planning and excellent communication skills to settle the conflict.

Whether or not you want to opt for this method will depend on your value of relationship with the other person, what you want and why you want it. Also, you need to see the situation from the other person’s perspective and observe his/her situation.

2.    Arbitration
In this method, the parties appoint a neutral arbitrator, who listens to both the parties and after examining properly, makes a binding decision. This process includes a considerable amount of fact finding and the parties have to accept the decision of the arbitrator.

You can opt for both national and international arbitration, depending upon the case and this will cost you less than litigation.

3.    Litigation
In this method you depend on the court’s judgement to find the guilty. The decision is taken based on the law and facts and the two conflicting parties are assisted by their respective arbitrator. This option can be quite expensive in terms of money, stress and time.

4.    Mediation
This is a method where the two disputing parties meet or appoint a mediator or a third party to facilitate their negotiation and communication. The main purpose here is not to find the right or the wrong person, but to resolve the dispute in a mutually acceptable term.

Mediation is a confidential method and the materials used cannot be used in the court in case if the parties do not reach a mutually acceptable agreement and decides to opt for litigation. The good thing is that you have nothing to lose in this method even you couldn’t settle the dispute in a mutually agreement term.

Thus, you can choose any of the above options. But people mostly prefer to use national or international arbitration as they find this option to be the most effective.

Look for a law firm that has a team of experienced and knowledgeable professionals who are known for offering best national and international arbitration to settle the disputes.