When you own a business in Ohio, you naturally must handle differences from time to time. Whether the conflict is internal or external, unfortunately sometimes disagreements cannot be immediately settled. Litigation can resolve this conflict but can also become protracted and expensive. We here at Dinn, Hochman & Potter, LLC, have helped many clients resolve disputes using alternative methods to the courtroom.
According to Forbes, it is becoming more and more common for people to turn to dispute resolution instead of engaging in prolonged litigation. One reason is clearly for economic purposes, since a lengthy trial can exact a great financial on a business. A second motivation behind avoiding the courtroom is to maintain control over the course of action rather than turning it over to a judge. In doing so, the process may be less adversarial and might therefore salvage relationships.
The two main forms of alternative dispute resolution are mediation and arbitration. Mediation uses a third party to assist both sides in finding a solution they each find satisfactory. Once a settlement is mutually agreed upon, it is signed by both parties, just like a contract. Arbitration is more similar to a courtroom in that each side presents their case to an arbitrator who thereafter comes up with a decision which is often binding.
Both methods aim to arrive at a determination while avoiding the time, expense and hostility involved in traditional litigation. Given lengthy court dockets, dispute resolution alternatives are generally also a speedier way to resolve a conflict that is affecting the operation of a business. More information about this topic is available on our web page.