Tag Archives: Arbitration

What is the Best Dispute Resolution Method in a Business?

Disputes in a business are bound to arise from different stakeholders including suppliers, customers, shareholders, management and so forth. These disputes are inevitable and can really cause huge damages if they are not handled properly. As the business owner, you must be able to settle these disputes in a way that you will leave every party contented without having to hurt anyone because you need people for your business to grow. You can find more information from bretta and grimaldi on how to handle disputes of various kinds. There is no one best method of handling all disputes that arise in a business. This is because disputes are usually of different nature.

There are various options that you have to solve disputes that arise in your business. The worst mistake you can do is to ignore disputes or leave them unsolved because you will be looking for more trouble. Well you can choose to settle your business disputes in courts. However, this could not be the best method of soling business disputes. This is because it is time consuming, costly and can put your business at greater risk because people will get to know about the problems existing in the business since court proceedings are usually public. This can dent the image of the business especially where the court rules in favor of the other parties.

Alternative dispute resolution methods are advisable for the business. These methods are usually confidential, less costly and even faster and so do not cause too much inconvenience in your business. The alternative dispute resolution methods available for any business include negotiation where the parties will talk things over without involving another party. There is also mediation where the business will call upon a neutral party to facilitate the talks but the mediator will not make a binding decision. Arbitration is also an alternative the business has where an arbitrator will listen to the dispute and make a binding decision.