Business disputes in South Carolina are a relatively common occurrence. There are plenty of reasons to have a serious disagreement within a business. The key to defusing these disputes is to behave in a responsible and pragmatic manner. Here are some of the best methods you can use to efficiently resolve a dispute.
Common causes of business disputes
Resolving business disputes can be a complex process. These types of disputes can arise at any moment. The way to avoid them is to be transparent in all of your dealings with partners and to communicate openly, even if you think that your position doesn’t need to be stated.
Disputes may arise from differences in the philosophy behind your business. You or another partner may simply lose interest in maintaining the business. There can be disagreements over contractual matters or the duties that each party has been tasked with. The amount of profit each partner is making may also be disputed.
Peacefully resolve a dispute
There are a number of methods that you can use to quickly resolve a business dispute. One of them is to use the process of mediation. Both sides can rely on the wisdom, experience and unbiased opinion of a third party. This person will hear both sides and suggest a solution that may satisfy both. The decision they reach will not be binding, however.
You can also make use of arbitration. The person you appoint for this task will perform much the same role as a mediator. However, both parties agree to abide by the final judgment that the arbitrator proposes. Doing so can be a way to come to a solution that can help you to avoid litigation.