How to Effectively Resolve Business Partnership Disputes

Partnership in business is good allowing you to merge ideas and funds to achieve the purpose or set goal. Either way, wherever two or more people come together to achieve a similar goal or purpose, there is bound to be a dispute and the most important thing is to ensure that these differences are ironed out for better coexistence and improving the environment to work together. So many business partners have disputes and it is all about how they handle and resolve the disputes that matter. More often usual, business partners in dispute prefer going the legal way if it needs. In some case, you’ll need to resolve the issue by having to involve a judge or business partnership dispute lawyers. Here are amazing ways on how to effectively resolve business partnership disputes.

Mediation

When it comes to commercial dispute or rather a business dispute, it is wiser to have a neutral third party’ known as the mediator, to help the two or more of you come to an amicable solution. A mediator does not hold the responsibility of resolving the dispute but is there to allow the disputants to vent or air out their differences peacefully and from here, come with a solution that satisfies both parties. Some mediators are professionally trained to do this or you can consider going for someone you both trust to help you solve the dispute.

It would be better going for someone new to the both of you to avoid any possibility of favouritism creeping in during the dispute resolution process. Through the mediator, a peaceful environment is maintained during the talks being held and the disputants come up with the solution and resolution to the dispute themselves.

Negotiation

Although this might be a no for many, it can work depending on how willing both parties are to resolve the commercial dispute. Negotiation is on a one on one basis between the disputants themselves, by sitting down together over a cup of coffee or at the office, as long as they are both comfortable, and negotiate a deal between themselves. This involves compromising and sacrificing something from either party so that peace, harmony, and tranquillity can prevail.

A negotiation is held over whatever it is that brought about the dispute in the first place and the talks start from a neutral ground or point of view. As the negotiations take place, there is a written down agreement that is made between the disputing sides which is very binding as long as they both sign over it and agree to the terms.

Arbitration

This could be a non-judicial conflict resolution means that involves a neutral third party appointed to resolve the dispute and offer the solution that will be used as the resolution. Arbitrators could be a business partnership dispute lawyer or a judge and the disputants can once again choose the arbitrator they both feel comfortable and confident with. The arbitrator, in this case, provides the final verdict and in some cases, one party may end up compromising more than the other or losing out on more, but as long the solution given is the best practicable one.

For disputing partners, it is crystal clear that there are some ways of resolving commercial disputes and put both of you into a win-win situation. In case you find that you need legal advice, be sure to hire the best commercial litigation lawyer to help you find the best and cheap way out of this!

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