What Is Alternative Dispute Resolution?
April 3, 2020
Disagreements or disputes are a part of life. Even Mississippi contractors or business owners are not immune. But a dispute that you handle in a poor way may impact your business for years to come.
Because of this, it is important to handle disputes in a fast and professional manner. Today we will look at Alternative Dispute Resolution (ADR). These methods of resolution may benefit you and your business as you move forward.
ADR Methods for Resolving Disputes
ADR methods encompass a wide spectrum. These methods allow you and any other contending parties to avoid litigation. In other words, you choose to settle your dispute outside of the courtroom. Not only does this save you time and money, but it has the potential to save business relations. In a world where ties mean everything, it is important to avoid burning bridges.
Some ADR methods include:
How ADR Methods Can Fit Your Unique Situation
Parties often attempt negotiation first. Arbitration and mediation are the most popular options by comparison. It is possible to try more than one option and see which works best for you. The success of one method over another is often dependent on your unique situation.
It also depends on what you value most in a dispute. Do you want resolution? Do you want to protect your assets? Do you value the partnership of the person or entity your dispute is with? Make decisions based on these factors, too.
Do you want to continue reading about business litigation matters? Are you curious about ADR and other methods of solving disputes in a business situation? You can follow the link here to our webpage to learn more.