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I don’t think I’ve heard of anyone that runs a business that wasn’t involved in some kind of dispute. It’s an accepted part of running any enterprise. But, the way that you handle such disputes will determine your company’s future success.
One of the most common issues when running a business is with contract disputes. The problems could be because of confusion or even claims of fraud. And those contract disputes could happen with suppliers and employees – not just your customers.
If you find yourself in the midst of a contract dispute, you may be wondering what to do next. In real terms, there are four practical options you can take to resolve those disputes. They are as follows:
- Basic Communication
So you’ve just been told there is a problem with a contract you signed and agreed to. How can you resolve it? Well, the first step is to break down barriers. In other words, the mere act of communication between both parties can settle things!
The sad truth with today’s digital world is that written text can sometimes get taken out of context. In other times, it could get misconstrued. You should always try to open up some dialog with the disputing party. That way, you can both determine if any issues can get settled amicably.
Sometimes tensions might flare, and communication could break down between both parties. What’s the next best way to try and resolve contract disputes? If both you and the other party agree to it, there is always the mediation option.
In layman’s terms, mediation involves a third party that is impartial. A mediator’s job is to help open up the lines of communication. What they don’t do is take any sides in the dispute. Instead, they set some ground rules for communication between both parties.
They ensure both parties stick to those rules. Mediators will not force or urge you or the “other side” to agree to a particular resolution. Instead, they encourage you both to talk to each other and sort it out amongst yourselves.
The process of arbitration is a useful one if you both cannot agree to a satisfactory result. Arbitration is similar to mediation. The only difference is, this third party makes the decision for you both. It’s an out-of-court method of resolving disputes. And it can help to prevent lawsuits.
Any decisions made are binding. But, only as long as both parties agreed to that before the process began.
In some cases, there is no choice but to pursue legal action. You may also need to do so if the other party is suing you over the contract dispute.
The good news is that a lawyer can help you resolve the conflict in the most efficient and cost-effective way. Business law experts like The Robertson Firm deal with plenty of contract disputes.
Sometimes, it can pay just to have a lawyer advise you on your best options. Not all legal cases need to go to court!
As you can see, there are four real ways to tackle any contract disputes your business might have. In any event, it’s always worth just speaking to the other party about the matter first.
It might surprise you to learn that the issues could get resolved in a fast and friendly way! Still, if that’s not the case, you could always go for the mediation or arbitration options. And if they aren’t viable options, legal assistance is always open to you.
Thank you for reading this blog post. I hope that you have found it useful today.
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