Businesses all over Kentucky do everything possible to avoid getting into disputes with other businesses, employees, customers and other entities. As hard as these companies try, it’s still possible to get involved in business disputes in Louisville. The most successful companies know how to resolve those issues before they become too much of a problem.
If your business finds itself in the middle of a dispute with an employee, customer or another business, it needs to defend itself immediately. You don’t want to wait to figure out a defense plan as this could cause your company to suffer losses it could have otherwise avoided.
One way to resolve a business dispute is by going to mediation with the other party. This is when a third party, neutral to both sides, mediates the discussion between the two sides. The mediator does not make a decision for either side. The mediator simply keeps the peace between the two sides as they work towards finding a solution.
Another option you have to resolve the dispute is to go to arbitration. Arbitration is when both sides submit their dispute to a third party. The difference here is that the third party will actually make a decision about the dispute and issue a ruling for one side or the other.
You can also resolve your business dispute using litigation. Litigation will force both parties to sit in a courtroom and tell their sides to a judge, who will make the decision as to which side is right in the dispute.
Resolving a business dispute should be the main goal of every company. If you want your company to succeed and remain in business it needs to have policies in place to handle disputes as they arise no matter the reason.