Reaching a Settlement through Arbitration
Disputes are becoming increasingly common in private life and, of course, in business matters. Dealing with such issues is costly and diverts the focus from daily business.
A peaceful settlement of disputes and the prevention of their escalation are worthy goals for any two parties in a business relationship. Why? Often, clients wish to continue a business partnership beyond a dispute in a commercial matter.
But, when a commercial contract is involved, there are generally two ways to settle a dispute: Arbitration or Litigation formally. If this question arises with your small business clients, any path of friendly dispute resolution (Arbitration, Mediation) is preferable to legal proceedings in court (Litigation).
Benefits of Arbitration and Mediation
The benefits of any settlement reached in mediation, Arbitration, or through a mutual agreement are clear, as the costs of court proceedings often exceed possible concessions made in a future claim. In addition, there is always the risk that the other party will prevail in court proceedings. Furthermore, once at court, any business partnership will come to an end.
But what’s the difference between all those legal terms? Well, Arbitration is a binding procedure for the out-of-court resolution of a disagreement between two commercial parties, decided by an impartial third party, the arbitrator, TAXEDO LLP.
According to a survey of the American Bar Association, an Arbitration can take up to seven months, whereas court proceedings take much more time, up to 30 months on average. Mediation involves meetings with your counterparty to settle your dispute. Mediation proceedings are never binding, unlike Arbitration. The primary purpose of Mitigation is to reduce the outcome of an adverse event or scenario.
At a glance, settlement proceedings save you time and money. And the outcome is clear after settling. If it comes to Litigation, no one knows the outcome. At the Courthouse and on High Seas, your destiny lies in God’s hand.
Our team includes experienced Lawyers, and we are working closely with you to reach a positive outcome. However, in most cases, we recommend negotiating directly with your counterparty or through binding Arbitration, which may result in a resolution.
We are pleased to assist you with all kinds of settlements. However, if no settlement is possible, one needs to appoint a lawyer admitted to the bar in that jurisdiction to enforce or defend a claim.
Please take advantage of our vast experience, the wide range of services we offer, and benefit from our extensive network.
Contact us to speak about your case. We are also available on WhatsApp and Telegram.
