If you are in the business world, the chances are that you’ve had to deal with a disagreement before. Conflicting views can cause businesses to unravel if they aren’t properly dealt with. Business disputes arise for a variety of different reasons like money, control, and strategy. Whatever the case may be, you don’t have to let a business dispute derail your entire business. Instead of going straight for litigation, you can opt for mediation. A mediation is when two parties with a dispute meet together with an independent third party to come to a mutually beneficial agreement. If you are looking for help with mediation, contact Derryberry & Associates LLP today for more information.
A mediation can save you both time and money during a business dispute. Mediation can be the perfect solution for business disputes that are related to employment, breach of contract, ownership disputes, buyouts, and more. Keep in mind that a mediator doesn’t necessarily create a legally binding decision like the court would. Their aim is to help both parties in a dispute come to a mutually beneficial agreement.
The process of an actual mediation typically starts with opening statements from the mediator and from both parties. Both sides get an opportunity to share their perspective and propose solutions that they deem just. The mediator will then facilitate a joint discussion with the goal of creating a written agreement that resolves the issue. If things can’t get resolved during the mediation, arbitration is another option. Finally, if a resolution still has not come to fruition, the parties will pursue legal litigation.
Mediation only works if both parties are on stable terms and willing to openly communicate to resolve the situation. It’s important to note that mediation isn’t right for every situation in business, so keep that in mind before deciding that mediation is the right option for you. Mediation can end up saving you lots of money and time since you are directly taking action instead of leaving things up to the court.
To prepare for a business dispute mediation, put together all of the required documentation you will need. Maintain a clear head and always remember that you are pursuing mediation to resolve the conflict on your own through communication and logic. It’s also important to be open and receptive to propositions from the other party. Lastly, it’s vital to choose a great business attorney to help you with the mediation process. You can avoid litigation altogether if you go into your mediation with seriousness and a productive mindset. Don’t let egos get the best of the situation and always focus on the solution rather than the problem.
Business disputes are a part of working in the business world, which is why you should always keep mediation in mind. We hope this article has provided you with some valuable insight into mediation and how it can help you resolve business disputes in the future. Reach out to Derryberry & Associates LLP today if you have any questions or would like to talk with a business attorney.