Business owners tend to invest a lot of time and resources into developing their contracts with other businesses. It can seem like a tedious task, but it’s critical that you work with your partners to create a contract that is mutually beneficial and ultimately enforceable, if necessary. Partnering with an attorney who understands business law and specializes in developing contracts is ideal, as these professionals know what needs to be included within a contract in order to prevent disputes from occurring.
Unfortunately, many of the business owners who feel that they have covered everything in their contracts still find themselves in a contract dispute with another business. The best thing to do in this scenario is to hire an experienced business transaction and litigation attorney who can provide you with the results that you need for your business. There are many options available to business owners who are involved in a contract dispute with a supply partner or a sales partner, and it can be overwhelming to understand which choice is best for your individual business.
Litigation
There are several steps to the litigation process when it comes to filing a contract dispute claim. In the pretrial discovery step, for example, an attorney is required to present all of the evidence that is available that proves that the opposing part is in breach of the contract established by the business owner. If you intend to move forward with litigation, it’s important to recognize that this can be a time-consuming process, as each step can involve lengthy hearings and presentations. However, litigation is often the best option for business owners who need to recover losses that have resulted because of the contract breach. In order to maneuver through the litigation process, it’s critical to work with an attorney who has an intimate understanding of contract disputes and who can expertly weave through the steps involved with litigation in order to provide the necessary results for the business owner.
Arbitration
Arbitration is an option for business owners who would like to settle their contract disputes with sales partners or supply partners outside of the courtroom. While this is not a form of litigation, it is still a legal process that requires the expertise and knowledge of a qualified attorney. In many respects, arbitration is similar to litigation. The idea behind arbitration is that the opposing parties can settle the dispute themselves in the presence of a third, objective party. The goal of arbitration is for each party involved to decide on how the situation should be resolved, but in most cases the parties accept the proposals outlined by the arbitrators. Often, the two opposing parties end up in arbitration because that is the conflict resolution medium that was identified in the original contract.
Alternative Dispute Resolution
While arbitration is one form of alternative dispute resolution, there are other options for business owners to consider as they seek to reach an agreement in a contract dispute. Your attorney who specializes in business contracts can help you decide if one of these options is best for your individual circumstances:
- Mediation
- Summary Jury Trial
- Mini-Trial
In fact, depending on the nature of the circumstances, your lawyer may even recommend a hybrid option that combines several types of alternative dispute resolutions. Working with an informed lawyer who can outline the best option for your particular situation is critical.
The reality of the matter is that most businesses will have to deal with a breach of contract dispute at some point. These are common issues that arise for business owners, whether it’s a small local shop or a large corporate chain. As a business owner, it’s critical that you have an experienced attorney who is with you throughout the development of your business and who can assist you as you navigate through the legal challenges that you may face. When you are working with a qualified law firm who understands your business, you will have the confidence you need to grow your business into the future without stressing about the legalities of every decision that you make. A Las Vegas law firm that specializes in contract disputes, litigation and business transactions will provide you with the insight and guidance you need.
