When you own a business, disputes are bound to happen. It is not a question of if but when. A business involves multiple people and transactions, meaning many business relationships exist. Contracts usually govern these relationships by explicitly describing what each party needs to fulfill. However, a contract may not be enough to prevent commercial disputes.
What are commercial disputes?
Commercial disputes arise when parties in a business relationship are unsatisfied with how the terms and conditions of their relationship transpire. As a business owner in Ohio, you may face commercial disputes, claims or complaints against you or your company. They can come from a third-party vendor or a co-owner. The following are commercial disputes that you should be aware of:
- Partnership disputes
- Shareholders disputes
- Breach of contract
- Breach of fiduciary duty
- Employment issues
- Commercial lease and real estate disputes
- Intellectual property disputes
- Lien claims
- Class actions and business torts
Commercial disputes can negatively and permanently impact a business. A company could go bankrupt pursuing a lawsuit without the proper guidance and direction. Fortunately, Ohio business owners can also try alternative dispute resolution methods such as business dispute mediation.
What is business dispute mediation?
Business dispute mediation is an alternative to commercial litigation when disputes arise in a business. Although it is not as formal, it can take much less time and money than litigating in court. An impartial third-party mediator will help the parties negotiate a resolution by facilitating collaborative discussions. An effective and experienced mediator can allow them to communicate openly to reach common ground.
A mediator’s opinion is not legally binding but can offer an outside perspective to each party’s arguments in a less adversarial setting. Mediation might even allow the parties to preserve their relationship after the dispute.