Regardless of how well you get along with your business partners, disputes will likely arise from time to time. While it may be possible to resolve a dispute in a New York courtroom, it may not be necessary to pursue litigation. Instead, you may be able to come to an amicable resolution in a timely manner by working with a mediator.
The potential benefits of mediation
With mediation, you can often resolve disputes in a collaborative manner as opposed to an adversarial manner. The mediator’s role is to facilitate a discussion that pinpoints the cause of the dispute and creates a pathway toward a solution.
Another key benefit to mediation is that you retain a higher level of control over how the problem is resolved. If you choose to file a lawsuit, a business law judge may force you to sell the company or otherwise dissolve it even if there may not be a need to do so.
You decide what to talk about
You don’t need to resolve every single issue through mediation. For example, let’s say that you and your partner agree that an action occurred that violated the terms of an existing partnership agreement. However, you may not be able to agree as to what type of penalties the action should trigger.
In such a scenario, a mediator could help determine how serious the breach was while you and your partner can determine the consequences of that breach in private. You and your partner might also decide to dedicate a single session to determining the seriousness of the breach and another session to determine what should be done to remedy the problem.
A business dispute that is allowed to linger may have a negative impact on your employees, vendors and shareholders. Therefore, resolving the issue in an amicable and timely fashion may ensure that the company remains intact for the long term while minimizing the risk of future disputes to occur.