Resolving commercial disputes
Disagreements, debates and disputes
Whether you find yourself dealing with a partnership, shareholder or contractual dispute, it can cause a lot of worry Ė not least because of the potential expense of handling such situations.
With so many different methods of resolution, trying to work out the best option can be a bit of a minefield.
So if you find yourself in a sticky situation with a supplier, partner, customer, competitor, shareholder or employee what should you do?
Get professional advice
Commercial disputes can end up costing a lot Ė both in terms of time and money Ė so you donít want to draw the process out any longer than is necessary, or do the wrong thing.
Consider taking legal advice as early as possible to see what your options are and to understand what actions need to be taken.
The contract you have with the party in question should contain clauses outlining how disputes should be resolved. Make sure you check this and follow any necessary procedures.
There may also be a clause in the contract about how to terminate it.
If you decide to terminate, make sure you follow the steps and give the correct notice period to the other party.
Make sure you keep a record and/or copies of all relevant correspondence and documents. You may need these as evidence if the dispute ends up in court.
You also need to be mindful of how you word emails and letters. Sometimes easier said than done in the heat of the moment!
A commercial dispute lawyer will be able to assist with writing any documents or correspondence that may be required.
Methods of resolution
There are several methods of commercial dispute resolution.
A simple commercial settlement could be the quickest and most cost effective solution. This means you donít have to go to court.
Arbitration, which is based on an agreement between all parties involved, is also a popular way to settle commercial disputes.
If neither of these is suitable, but you donít want to go to court, then Alternative Dispute Resolution (ADR) may be a good option.
There are several forms of ADR, including mediation, which sees an independent mediator appointed to facilitate discussions and help each party come to a settlement.
We can help
If you are dealing with a commercial dispute our specialist solicitors can guide you as to which approach is best. We can also represent you in all forms of dispute resolution.
For practical and cost-effective advice on a commercial dispute, please contact Daniel Zakis or Alison Willis on 0121 705 7571, or email firstname.lastname@example.org or email@example.com.
This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.