Going to court is expensive, time-intensive, and can bring your business productivity to a screeching halt. However, conflicts with customers, clients, vendors, distributors, or shareholders can similarly drain your company’s resources – both tangible and intangible. Inevitably, a business conflict must be resolved – but what are some options that do not involve the formalities of the civil courtroom? Fortunately, your Ft. Lauderdale business attorneys can offer alternative dispute resolution options that can effectuate a mutually-amicable result while avoiding the scrutiny of a judge and jury. If you are interested in business dispute resolution alternatives, we encourage you to contact a Fort Lauderdale business attorney right away.
Mediation is a time-tested, proven method of dispute resolution – and it works across multiple areas of law. Mediation takes place before a neutral third party – often an attorney – and allows both sides the opportunity to voice their concerns, raise their defenses or objections, and work toward a resolution to the issue. Mediation can take place once, or across a series of meetings, and is not considered binding until the parties draft and execute a settlement agreement – at which point the terms are enforceable in a court of law.
Arbitration is still a no-court option, but is more formal than mediation. Parties who submit to arbitration will work with a trained arbitrator who will review the arguments presented by both parties and issue an opinion on the matter. The arbitrator’s opinion may be binding or non-binding, depending upon the parties’ elections prior to engaging in this form of dispute resolution. Commercial opponents who elect binding arbitration as their method of dispute resolution will be unable to further litigate the same issue once an opinion is rendered.
Benefits of Alternative Dispute Resolution
There are many reasons why business attorneys recommend alternative dispute resolution options to their commercial clients, including any of the following:
- Cost effectiveness
- Usually quicker than waiting for a court date in a traditional state or federal district court
- Parties maintain control over the outcome of their dispute
- Proceedings are confidential
- Relaxed evidence rules
Of course, parties agreeing to mediation or arbitration to resolve their dispute will not have the benefit of a judicial officer presiding over their case, which may be advantageous in cases involving highly-complex or technical matters – or those that are so contentious, mediation and arbitration are unlikely to work. For all other cases, however, alternative dispute resolution can help a business stay productive and focused during the course of the matter – which is great for the bottom line.
Contact our Reputable Ft. Lauderdale Business Lawyers Today
If you are facing a conflict in your business and would like to avoid the hassles and expense of court, please contact Michael L. Feinstein, P.A. right away. We are familiar with the benefits of mediation and arbitration, and are eager to get you started on your resolution today. For an appointment, call 954-767-9662.