Running a New Jersey business often involves many moving parts and players, and sometimes, disagreements arise between parties. In some cases, you may find that you are unable to come to a solution through basic negotiation. In this scenario, you may need to consider other ways to resolve the matter.
According to Harvard University, you may be able to resolve your business dispute in one of the following three ways.
By mediating it
Mediation gives you and the opposing side an opportunity to air your grievances and work through your issues with the help of an impartial third party – the mediator. The mediator then makes a suggestion about how to resolve your business dispute.
By arbitrating it
In arbitration, you and the other disputants involved in the matter work with another third party, an arbitrator. The arbitrator hears both sides and then serves as a judge, making a binding ruling on the matter. Arbitration proceedings are typically confidential.
By litigating it
When you have exhausted other options, you may need to move forward with litigating your business dispute in court. In this type of proceeding, you and your own attorney or attorneys go to court alongside your disputant and his or her legal team so that a judge or jury may hear and make a decision about your case.
There are advantages and disadvantages associated with each of the above options. Some options may cost less than others. Some, too, keep matters more private than others, so it is important to understand the nuances of each before deciding how to proceed.