Employing the benefits of mediation to resolve business disputes
Business disputes are more than an inconvenience for your company. These situations represent the possibility of financial loss, disruption to your company operations and much more. When your Washington business is involved in any type of dispute, it is in your interests to take immediate steps to protect your company by seeking a timely resolution that makes sense for the long-term well-being and stability of your business.
Seeking a resolution to a business dispute can be a complicated process, but that does not mean that litigation is your only option. There are certain out-of-court methods that could provide you the opportunity to seek a reasonable outcome that does not require a complex litigious battle. One of these options includes the process of mediation, a dispute resolution method that may provide you certain benefits.
Why should you consider mediation?
Mediation is a process that allows two opposing parties to work through their dispute in a reasonable, respectful and organized manner. By employing the assistance of a neutral third party, you may be able to reach an agreement that will work for both sides. Some of the benefits of choosing mediation over litigation include the following:
• The two parties will have an opportunity to discuss their issues and have their voices heard.
• It is more likely that both sides will adhere to the terms of a mediated agreement.
• Typically, mediation costs less than litigation because it takes less time to complete.
• You will have more control over the terms of the final agreement.
The role of the mediator is to facilitate discussions between the two parties. He or she will remain neutral, but the mediator may offer some assistance throughout the process, including with the drafting of the final agreement. Once signed by both parties, any formal agreement is legally binding.
Is it the right choice for you?
While there are potential benefits to choosing mediation over another method for resolving an ongoing business dispute, that does not necessarily mean it is the ideal one for you. You will find it beneficial to seek a careful assessment of your individual and unique situation in order to understand what options are available to you. Regardless of the approach you take, it will be beneficial to remember that you are pursuing a resolution that will make sense both now and well into the future.