Disputes between businesses can arise for a number of reasons but amongst the most common are issues relating to business partners, performance of contract and non-payment of goods or services.
Chasing unpaid invoices or dealing with disputes relating to contracts can be stressful, tying up valuable resources and often putting significant financial pressures on a company.
Furthermore, if not handled correctly they can often damage a party’s reputation or an ongoing commercial relationship, so it is wise to seek early legal advice.
There are a number of ways to resolve commercial disputes including the following most commonly experienced options:
- Negotiation
- Mediation
- Court proceedings
When a dispute arises then your first and most preferable option is to contact the other party and come to an informal agreement. It is important to ensure the conversation does not become heated as this will be counter-productive to your goal of seeking to find common ground so that a resolution can be agreed upon.
A further option to consider is mediation. This option has a number of advantages. Not only is it far less costly and drawn out than litigation. it is also far less damaging to commercial relationships.
A mediator is an independent, impartial, and professional third-party whose role is to assist those involved in a dispute to reach a mutually acceptable settlement. Because a mediator is neutral, they will not judge the rights and wrongs of the case or give legal advice.
The process is voluntary and relies upon finding a successful compromise that allows all parties to conclude the dispute and draw a line under the matter.
With the dispute successfully resolved, without acrimony to the satisfaction of both parties, it is possible to move forward and rebuild a professional working relationship.
The final option, if the above alternative dispute resolution processes have not been successful or are not considered appropriate at a particular point in time, is for the matter to be brought before the courts.
Whichever option you choose, it is important to seek legal advice as early as possible. The Commercial Disputes Team at Palmers have experience of resolving a wide range of disputes and, using our in-depth knowledge to achieve your desired commercial outcome, we will work with you to ensure minimum disruption and cost to your business.
Additionally, our Director, Luke Morgan, is also a qualified Civil and Commercial Mediator, associate member of the Civil Mediation Council, Associate Member of the Chartered Institute for Arbitrators and Registered Member of the International Mediation Institute. As such, Luke is able to offer a range of commercial mediation services.
For more information on commercial disputes, please get in touch with us now.