If you are a New York business owner, then you have probably dealt with some form of dispute at one point or another. The problem is that there are many different ways to deal with these disputes, and selecting the best one isn’t always easy. If you’ve been facing this challenge, keep reading.
What is the best dispute resolution method?
There are a number of resolution methods for business-related disputes, such as contract disputes, and each one has its own benefits. In order to determine which method is the most suitable for your particular case, it’s important to compare your options.
Negotiation
This form of dispute resolution involves direct personal contact between the disputants in an attempt to reach a mutually acceptable solution. The advantage of negotiation is that it allows for an expedited resolution while still allowing both parties to maintain some level of control over the decision.
Mediation
In mediation, an objective third party works with the two parties involved in the contract dispute to determine a solution. This method is ideal for contract disputes that are not too complicated. Mediation is the least expensive contract dispute resolution method, and it can lead to a quick settlement.
Arbitration
Arbitration is a contract dispute resolution method where a contractually agreed-upon third party hears arguments from both sides of the contract disagreement. Then, the arbitrator issues a decision that is legally binding on all parties involved. This form of contract dispute works best for more complicated contract disagreements. Both sides give up their ability to argue over what constitutes the right outcome in exchange for a contractually created solution.
Besides court litigation, these are the most common contract dispute resolution methods. You can determine the best contract dispute resolution method for you by assessing your needs as well as what the other party might agree to.