Business disputes are quite common. While many Florida businesses find themselves at odds over payments, contract terms and similar matters, not every such dispute has to end in a costly and timely legal battle. In some cases, you may be able to come to a resolution without going to court, although this may not prove appropriate in all cases.
According to Harvard University, you may wish to handle your Florida business dispute in one of the following three common ways.
Through mediation
Mediation gives you and your opposition the chance to work through your issues under the guidance of a neutral third party. That party – the mediator – seeks to help you come to an agreement on your own, rather than rendering a binding verdict.
Through arbitration
Arbitration is typically confidential and calls upon opposing sides to work with an unbiased third party. However, unlike in mediation, the third party in arbitration acts as a judge, meaning the arbitrator does issue a binding decision. Neither side may typically appeal a decision reached through litigation.
Through litigation
Litigating your business dispute in the traditional sense involves you and your legal team squaring off against the other side in a formal court of law. Your attorneys may take more of an active role than you, which may not be the case if you decide to handle your dispute through an alternative method.
Many considerations go into deciding how to handle a business dispute. Some of these considerations include whether you wish to keep matters private and whether you hope to preserve a professional relationship with the opposition in the future.