Business disputes are stressful. They can take time away from focusing on your company’s goals and productivity. You might believe that a lawsuit is the only way to handle a dispute between you and a business partner. You might believe that there is no other choice.
This is not the case. You can avoid the courts by considering mediation instead.
What is mediation?
Mediation falls under a category of dispute resolution known as ADR or alternative dispute resolution. Instead of pursuing litigation, mediation lets you negotiate with the other side through the assistance of a neutral third party known as a mediator.
The mediator does not have the authority to act as a judge or make final decisions. Instead, they offer advice and help you reach a fair resolution.
What are the benefits of mediation?
If you’re unsure about whether mediation is right for you, consider the following advantages:
- It’s less expensive. Instead of shelling out the high costs of pursuing a lawsuit, turn to mediation for a more affordable option, so the dispute doesn’t take many resources away from your business.
- It’s faster. Since lawsuits generally involve the courts, they are much more time-consuming. Mediation lets you directly discuss the dispute with the mediator and the other party, so the process goes much faster and allows you to return to your business sooner.
- It’s private. If you don’t want your dispute to be public, mediation is a safer choice. Lawsuits and court cases are open to the public, which can bring your business negative attention that you might not want.
- It lets you maintain relationships. If your dispute is with a trusted business partner, you may not want to absolve that relationship. Mediation allows you to negotiate directly with each other and potentially remedy your business partnership so you can continue working together in the future if necessary.
- It offers better results. Since the parties are more involved in the negotiation process, they are typically able to resolve the conflict more quickly and reach agreeable terms. Lawsuits add a competitive edge to your dispute – who will win and who will lose – which mediation doesn’t, providing more satisfactory results for both parties.
Mediation is a great choice when you find yourself in the middle of a business dispute. Through this process, it’s likely that you will be able to resolve your problems agreeably and efficiently.