If you own a business, you likely have a lot riding on its success. As a result, you may be committed to doing whatever you can to protect it. For instance, if you are involved in complex transactions or if someone is stealing company information or breaching contracts, you may very well be prepared to battle it out in litigation.
However, as satisfying as you imagine court to be, the fact is that it may actually be better to resolve business matters through some of the alternatives to litigation, including mediation and arbitration.
One major reason why you might consider alternative dispute resolution methods is the cost. Litigation can wind up being expensive. Besides court costs and legal fees, you may be dealing with expert witnesses, discovery and court delays. All of this can and does add up. Options like mediation and arbitration cut out or minimize these expenses, which can save everyone money.
It can also save everyone time. Rather than being at the mercy of the courts and their schedules, you can work through issues outside of the court, allowing you to have more control over the expediency.
Litigation can also shine a spotlight on a dispute, which isn’t always a good thing. If you’d rather keep details of a case sealed and avoid any unnecessary and negative press, it may be better to seek a resolution outside of court.
Of course, there are times when litigation is absolutely the most appropriate option. If you can’t come to any sort of agreement with the other side, or if the case involves particularly harmful actions against your business, taking the case to court can be both preferable for you and more effective. It can also be necessary when a case is very complex.
Before you make any decisions about how to go about resolving a business dispute, it can be best to first consult an attorney. With legal guidance, you can identify the method of resolution that is best for your situation and pursue a fair outcome.