In business, there are bound to be disagreements. Whether it is a contract dispute or failed negotiation, business disputes are going to occur. It’s usually not personal, but business disputes can be a major roadblock and source of stress, especially when handled improperly. Settling disputes fairly and effectively is imperative. If handled poorly, dispute resolution can become a lengthy and costly ordeal involving weeks, months and sometimes even years of litigation and trial. While business disputes are unavoidable, litigation is. Here are some means of alternative dispute resolution that can help settle business disputes and avoid the headache and cost of trial.

Alternative Dispute Resolution

There are two main types of alternative dispute resolution:

• Mediation
• Arbitration

With mediation, a neutral third-party facilitates a dialogue between two parties who negotiate a resolution themselves. While a mediator may make recommendations or suggestions for resolution, it is up to the conflicting parties to reach an agreement. Whereas with arbitration, an appointed arbitrator or arbitration panel determines the outcome of the resolution of a dispute. Although arbitration is similar in practice to trial, it is usually a much quicker and less costly method of dispute resolution than traditional litigation.

Ensuring a Successful Resolution

The key to either manner of alternative dispute resolution is a willingness to cooperate. Conflicting parties need to make an effort to negotiate fairly and openly with one another. It also helps if both parties are familiar with basic alternative dispute resolution procedures.

Resources for Dispute Resolution

Savage Villoch Law, PLLC is equipped to handle all forms of business disputes. We can assist our clients in both mediation and arbitration procedure and, if necessary guide them through the litigation process. Our team has a combined experience of over 20 years in helping resolve business disputes. Our team is also highly experienced in handling Financial Industry Regulatory Authority (FINRA) arbitrations. Contact us today if you need help in determining what path is the right one to resolve your dispute.