Everyone has an idea of the best solution for resolving a business dispute. Some people suggest going straight to a lawyer or filing a lawsuit. Others claim that it’s better to meet face to face with people and reach a mutually beneficial negotiation. There are a handful of proven and effective ways to make a professional resolution.
A group meeting is recommended for a major, serious dispute that involves a group of people. It’s used to solve complicated problems that cannot be solved by a few people only. Each attendee is offered to give his or her unique opinion on the subject matter. Most decisions can be made by the top leaders, but the results are more effective when problems are resolved through collective agreements.
Legal Dispute Resolutions
Some business disputes can only be resolved in a court of law. Legal representatives are hired to settle the matter behind closed doors instead of in front of a judge and jury. The outcome of the resolution is recorded by the courts, and both parties are expected to abide by the agreement.
Arbitration is the process of settling a dispute by using one or more arbitrators. The two main types are binding and non-binding. Binding arbitration includes an award with terms that are enforceable in court. Non-binding arbitration includes an award with terms that cannot be enforced in court. The arbitrator determines the award that is final and binding.
Many people don’t understand the difference between arbitration and mediation. Arbitration involves settling a matter with the help of an arbitrator. Mediation also involves the assistance of a professional known as a mediator. Both parties are required to participate fully in the discussions and agree on the final results. The mediator is more involved in helping both parties meet on common ground.
Making collective decisions is a normal part of running a successful business. Any business needs a solid team of loyal workers and efficient leaders. Everyone must agree on certain decisions and move together instead of apart. When a dispute happens, even between two employees, it can hold the company back in its progress. That’s why professionals must have established ways of settling their disputes quickly and easily.