Are you embroiled in a disputation in Florida involving a business contract? This is a matter of serious concern. It could involve thousands or millions of dollars. The dispute could cause a rupture between business partners or even the end of your company. Here are some tips on resolving contract disputes.
How is mediation different from arbitration?
Contract disputes can be extremely contentious and difficult to solve. There are a number of methods, such as arbitration or mediation, that you can use to defuse the issue. Mediation is a process in which you meet with a third party who can negotiate a solution that will satisfy the needs of both parties.
Arbitration is a process that is somewhat similar to mediation. However, the result may be very different. This is due to the fact that the arbitrator has the power to enforce their judgment on the matter. Once a decision is made, it will be binding on all parties involved in the dispute.
Should you try collaborative law or litigation?
There are a number of ways in which you may feel that a contract has been subject to a serious breach of contract. If this is the case, you can attempt to have recourse through collaborative law. This is a process in which both parties commit to collaborating in order to find a workable solution. They do this in lieu of litigation.
The last and, in many ways, least desirable solution is to go to court. This is a step that should be looked upon as a last resort. It should only be decided on when all other methods, including the ones outlined above, have failed. A lawsuit can be a long, tedious, contentious and costly affair to conduct, which is why business owners should attempt alternative dispute resolution first.