Running a business is already a challenging thing to go through, complete with its own potential hurdles. But if you find yourself in a major dispute, such as a contract disagreement or an intellectual property claim, it’s important to know how to navigate these discourses as effectively as possible. That’s where business dispute attorneys come in handy; they’re a valuable resource that can use their legal expertise to guide you through the most uncertain parts of the problem. Here’s a look at 6 of the most common ways an attorney can help you successfully handle a business dispute.
1- Contract Review
An attorney experienced in business and tech law will have extensive knowledge of contract law, which means they’re able to identify the potential risks and liabilities you may not have thought of.
They’ll also ensure that your contracts comply with local laws and regulations, further reducing the risk that you’ll end up in a legal dispute in the first place.
2- Negotiation
Negotiations are the most informal way to resolve a business dispute, but it’s still recommended to have an attorney do so on your behalf. Even if, say, a supplier hasn’t fulfilled their end of a contract, don’t immediately jump into an escalation into a lawsuit; instead, work with an attorney to reach out to this supplier and negotiate a better resolution, such as modifying the existing contract.
3- Risk Management
All companies need risk management to identify potential problems, their impact, and strategies to combat them. There are advantages and drawbacks to being in business; even if everything seems to be moving along smoothly, a sudden obstacle might just be lurking around the corner. Many businesses already have internal risk management teams, but a reliable attorney is an important part of this line of defense.
4- Mediation
Mediation is another common way for companies interested in preserving existing relationships to resolve disputes with them. It may even be the preferable option compared to negotiation if the disagreement is more complex.
In mediation, a neutral third party meets separately with each party to understand their perspectives and then negotiate a settlement. They can’t compel anyone to agree to anything, but they also cannot provide any legal advice. That’s where an attorney would come in.
5- Arbitration
Arbitration is often included in a business contract to avoid the cost and hassle of going to trial. The rules are less strict compared to a courtroom, but the process is similar enough that you would want to have legal counsel present.
6- Litigation
Finally, if all else fails, you may need to take your dispute to court. Filing a lawsuit initiates this action, but the rest is incredibly complicated and often requires the expertise of a valuable business lawyer.
Key Takeaways
Business disputes may be minor disagreements, but they can also become complicated legal battles that threaten the stability of your company, disrupting operations and ultimately damaging your reputation. That’s why bringing a skilled business dispute attorney on board will help protect your interests and let you focus on continuing to run the business.
