No business is immune to disputes between business partners. Whether the disagreement is over money, control of the business, or some other issue, partnership disputes can be costly and time-consuming to resolve. If you are facing a dispute with your business partner, it is important to take action quickly to prevent the situation from getting worse. To do that, take the following steps:
Try to resolve the issue yourselves
Usually, the best way to resolve a business dispute is to try to work it out between yourselves. This can be difficult, but it is often the quickest and cheapest way to reach a resolution. If you are able to talk through the issue and come to an agreement, make sure that you put it in writing so that there is no confusion later on.
Hire a mediator or arbitrator
A mediator is a neutral third party who can help you to communicate with each other and try to reach an agreement. That means that they will not make a decision for you, but they can help to facilitate a resolution. On the other hand, an arbitrator is a third party who will hear both sides of the dispute and then make a binding decision. Mediation and arbitration are often less expensive and time-consuming than going to court, and they can be helpful to have someone else there to assist with communication.
Go to court
If you are unable to resolve the issue yourselves or through mediation, you may need to go to consider business litigation. This is usually a last resort, as it can be expensive and time-consuming. However, in some cases, it may be the only way to reach a resolution.
If you find yourself in a business dispute, don’t despair. There are ways to resolve the issue without it costing you a lot of time and money. Try to work it out between yourselves, hire a mediator or arbitrator, or go to court. Whatever you do, don’t let the situation get worse by doing nothing.