Much like individuals, companies encounter conflicts. These could occur in the normal course of business, such as those involving employees or businesses they contracted with. Often, business disputes relate to a breach of contract or a violation of policy. Regardless of the reason for the conflict, companies seek to resolve the matter quickly and favorably if possible.
Litigating business matters and disputes might be the preferred method for some; however, it is not the only method to reach a resolution. Whether it’s a small business or large company, alternative dispute resolutions might be in your best interests.
What is ADR?
Alternative dispute resolution or ADR is an alternative to traditional litigation to resolve a conflict. Depending on the conflict at hand, ADR could involve mediation, arbitration, negotiation or a combination of any of the three.
Often, choosing to move forward with ADR means reaching a faster resolution, reduced legal costs and a more amicable settlement. As a result, this helps your business reduce costs, avoid disruptions in business, preserve business relationships and could help a business grow and become more successful.
Business mediation
Because mediation is a cost-effective and fast facilitated method to resolve conflicts, many businesses opt for this type of ADR. Specifically, mediation creates an environment where both parties can come to the table to talk through their issues and work towards a resolution to their problems with the assistance of a mediator.
There are many benefits to mediation. The process is confidential and creates a space for collaboration. As such, it could help the parties discover new and better solutions to their issues. If you are considering ADR to resolve a business dispute, a legal professional can help you understand if mediation is the right path to take.