As a business owner, you likely understand that your lies with other people serve as the bed of soil in which your company grows. It is of utmost importance to ensure that you tend to these connections carefully.
Thus, one of your main concerns may be the possibility of getting entangled in litigation with business partners. But fortunately, there are ways to avoid this.
Mediation
FINRA discusses some of the alternatives for litigation. Mediation and arbitration exist as the most popular alternative methods.
Mediation may suit your needs if you believe you do not need much outside help in figuring out how to resolve your issues. A mediator cannot make decisions on your behalf and they do not have much legal power. However, they can counsel parties through a discussion and ensure that everything remains civil, giving every party a chance to speak their piece.
Arbitration
Arbitration holds more similarities with litigation, and an arbitrator has powers similar to a judge. They will listen to both sides present their arguments and evidence and make a decision based on that. You and your partner(s) will be legally bound to this verdict. However, you do not need a court date or to go through a hearing.
In either case, avoiding litigation can do a lot to help. Not only is litigation expensive and time-consuming, but it also ruptures your privacy, as all hearings have a public transcript copy available for anyone to read at their leisure. If you want to keep your business affairs quiet and wish to maintain your chances of repairing your ties, an alternative option might be best for you.
