When dealing with the possibility of a business dispute, the last thing you want to do is tear down any last threads of a tie you might have had. After all, a thriving business is not built on one person alone. You need an entire network to reach the height of your growth and potential.
Unfortunately, business disputes are often things that you have no control over. You do, however, have control over how you react to them.
Why should you wait to litigate?
When choosing how to react to the possibility of a business dispute, first and foremost, consider not going directly for litigation. One of the most aggressive things you can do to a business partner or contract employee is to sue them. Taking someone to court will cost both of you a lot of time and money.
On top of that, all of your records will end up public knowledge. Courts will publish all records of the cases that take place within them and anyone can open these cases and take a look at the information within. This means any competitors or enemies can easily dig up information about you that you might not want out there.
Alternative options for you to consider
FINRA looks at two of the most popular options in substituting for litigation, arbitration and mediation. Arbitration serves as something similar to litigation, but without the need for a court case or judge. Arbitrators still hold similar power and will make the decision for you as to what you should do next.
On the other hand, mediation takes a more hands-off approach, allowing you to work through things on your own while the mediator only steps in to act as referee and ensure everyone says their piece. What works best for you is up to you to decide.
