To Resolve a Business Dispute or not

In business, collaboration is needed, arrangements are made and agreements are created, but there are cases when businesses fail to honor their end of the deal. Businesses may also disagree over the terms of a contract they have entered into. These are called business disputes. They arise in the following instances:

• Breach of Contract – takes place when a party involved in a contractual agreement fails to uphold his or her contractual obligations

• “Tortious” Interference with a Contract or Contract Disputes – when a party deliberately restrains another party’s ability to uphold his or her end of the contract

• Failure to pay for goods and services – when a party fails to pay the products and services provided by another party

• Insurance claims and disputes – when an insurance company fails to pay or compensate for the losses of a business entity

• Executive employment contracts – disputes regarding executive employment contracts

• Partnership disputes – a dispute between two partners within a business entity

• Intellectual property disputes including copyright, trademark and patent litigation

If you enter into an agreement or contract with another company or business, it is vital to review the contract first, and study the terms and condition stated therein, prior to signing the papers. The contract may include clauses that dictate how you should resolve a dispute. It may also indicate if your contract calls for an arbitration or mediation.

Arbitration is a legal technique for the resolution of disputes outside the court, wherein the parties in a dispute refers it to one or more persons, called “arbitrators.” The arbitrator/s listen to both parties problems and arguments, then decides on a resolution for the disputing parties.

The decision of the arbitrator must be adhered to by the parties. This is called as the “binding arbitration”, and is considered final.

Mediation is another form of alternative dispute resolution (ADR), who aims to assist two or more disputing parties into reaching an agreement. The arguing party themselves, and not the third party (mediators), will be the ones to determine if they have come to an agreement or not. This, on the other hand, is referred to as “non-binding arbitration.”

If your contract does not contain any clause of resolution, then the best option to resolve a dispute is to hire a business lawyer. A lawyer may act on behalf of a party, and talk to the other party to figure out a resolution. If no resolution can be settled, then the dispute may lead into business litigation.

The purpose of business litigation is to prepare and present lawsuits to the court with the intention of determining the legality of a business matter or dispute of a situation.

When a person gets involved in a business dispute because another party refused or failed to honor the agreement with them, then a business dispute lawyer can help them make the necessary legal actions to bring their cases in court.

A business dispute lawyer does not necessarily have to be expert in Business Law. Trial lawyers who are experienced and knowledgeable in litigation can also provide the legal assistance they need.

Jinky once aspired to become an hotelier. Now, she hopes of becoming a successful doctor. She intends to pursue this dream in the near future. In the meantime, she’s glad for the opportunity to enhance her writing skills while working as a content writer.