When you own or run an Ohio business, your odds of finding it embroiled in some type of business dispute at some point along the way is high. Business disputes arise for many different reasons. While you may not be able to resolve all of them without going to court, there are some instances when keeping things out of the courtroom may benefit you.
According to Harvard University, many businesses embroiled in disputes choose to attempt to resolve their disagreements in one of the following three ways.
It may serve your company well to try to mediate your business dispute before considering alternative options. In mediation, all parties involved sit down with a single, unbiased mediator. The mediator then hears all sides and suggests a resolution.
Arbitration is like mediation in that both require you and the opposing side to meet with a neutral third party. However, a key difference between mediation and arbitration is that an arbitrator’s word is binding and a mediator’s is not.
When you have exhausted other forms of dispute resolution, or if your business dispute is especially contentious, you may need to litigate your dispute in court. This involves you and your legal team facing off against the other side and his or her legal team in front of a judge or jury. The judge or jury then issues a binding ruling on the matter.
Something else worth noting is that you may have a more active role in mediation or arbitration than you would litigation. In litigation, attorneys often take on the more active role in the process on your behalf.