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3 common methods of resolving business disputes

On Behalf of | Oct 6, 2022 | Business Law |

Most North Dakota business owners find themselves facing some type of employment dispute during their professional careers. Sometimes, these disputes have the potential to take considerable time and money away from operating your business. However, this does not always have to be the case.

Instead, Cornell Law School notes that many business owners try to resolve their contract or other types of employment disputes by using alternative dispute resolution methods before opting for litigation. If you are among those currently facing a North Dakota business dispute, you may be able to use one of the following methods to resolve it.

1. Mediation

Mediation gives you and the other side a chance to hash things out with the help of a neutral third party. The mediator may then recommend a way to resolve the dispute, but no one has a legal obligation to follow the mediator’s advice.

2. Arbitration

Arbitration also involves a neutral third party listening to all sides and recommending a way to resolve the dispute. However, while the mediator’s word is not legally binding, the decision of the arbitrator is.

3. Litigation

Sometimes, you and the opposing side are simply not going to be able to agree on resolution terms. When this occurs, you may have no other option than to litigate your dispute, which essentially means arguing your case in a traditional courtroom setting.

There are several important considerations involved in figuring out how to handle a business dispute. How private you want matters to be and whether you want to preserve the working relationship are among them.