Though most Minnesota business owners would undoubtedly love to never face a conflict involving their company, it is likely that at least a few disputes will arise over the years. The severity of these disputes may vary, but it is important that business owners understand their options for handling conflict effectively and in a manner that will mitigate any harm posed to their company. Of course, in some cases, the situation may warrant business litigation.
Before deciding on a method of dispute resolution, business owners may want to first thoroughly assess the details of the conflict. If it is an internal issue, a discussion between the parties involved could help address the issue without the intervention of outside individuals. However, if the problem is posing risks to the business and a simple discussion is not likely to resolve the issue and address damages caused, other courses of action may be necessary.
Fortunately, business owners could explore the following options for handling business-related disputes:
- Arbitration: This option involves the conflicting sides presenting their arguments to an unbiased third party who acts as the arbitrator. The arbitrator comes to a decision after hearing the arguments, and that decision cannot be appealed.
- Mediation: This dispute resolution method also involves both sides discussing the issues with an unbiased third party, but the meditator works to find common ground between the parties. Additionally, the mediator does not typically make an end decision but rather helps the parties come to a voluntary resolution.
- Litigation: Of course, out-of-court options do not always garner the desired results, especially if one or both sides are unwilling or unable to compromise. As a result, litigation may help reach a resolution that is binding and based on a judge’s decision.
In many cases, business litigation is a last resort, but it is important to keep in mind that this option has its place. Often, litigating an issue can better ensure that any damages suffered are addressed and compensated as deemed appropriate. If Minnesota business owners are struggling with a dispute, they may wish to further explore their resolution options.