Resolving Business Transaction Disputes

There are different kinds of disputes that can arise in business transactions. For instance, consumers can bring forward business transaction complaints because of, among other reasons, billing errors, substandard services or products, unauthorized charges, and misrepresentation. A business transaction dispute can also occur between a business and another party, such as a vendor or supplier. When a business transaction dispute arises between you as a business and another party, it is important that you know how you can resolve the dispute. So, how can you resolve business transaction disputes?

One form of resolving business transaction disputes is litigation, with a judge and/or jury presiding over the dispute. When a business transaction dispute is taken to court, the parties involved must argue their case before the judge and/or jury. However, litigation is not the only way to resolve business transaction disputes. There are a number of alternative dispute resolution methods.

One alternative to litigation is negotiation. If a business transaction dispute arises between you and a supplier, vendor, or customer, you and the other party can decide to discuss the matter and reach an agreement. However, while you do not have to involve an attorney, it is best to hire one. A qualified business attorney can help negotiate a fair deal. Keep in mind that a negotiated agreement is a contract and legally enforceable. If you handle negotiations alone and enter an unfair agreement, you may not be able to go back and change the agreement.

Another alternative to litigation is arbitration. The arbitration process involves the disputing parties working with a neutral third party called an arbitrator. The arbitrator listens to both sides of the story and then makes a decision. The following are some of the advantages of arbitration;

• The process offers privacy
• The process is less formal and structured than a regular trial
• The process is convenient
• The process is flexible
• The process is usually faster than traditional litigation

However, with arbitration, appeal rights are limited, unlike the case with a traditional trial. This is something you need to keep in mind when deciding whether to arbitrate your business transaction dispute.

The other alternative dispute resolution method is mediation. If a business transaction dispute arises and you and the other party are willing, you can try this option. Mediation involves working with a neutral third party called a mediator. The role of the mediator is to help you and the other party communicate effectively and reach a mutually-acceptable agreement. The mediator facilitates negotiations but does not make the final decision, like in the case of arbitration. The following are some of the most notable benefits of mediating a business transaction dispute;

• The process is informal
• The process is flexible
• The process is less expensive than a traditional trial
• The process is private
• The process is often faster than a traditional trial

It is crucial to note that the best resolution method for your business transaction dispute or any other kind of business dispute depends on the specifics of your case. What worked for another business may not work for you. To determine which resolution method is suitable for your case, contact our skilled and dedicated business attorneys at SAC Attorneys LLP.