What are the top five reasons to settle a business dispute?
Most business people seek to resolve their business disputes before litigating. If litigation becomes necessary or cannot be avoided, they will continue to seek a solution. Disputes are common in the business world. Usually, the disagreements can be minor but a minor disagreement can also turn into major litigation. Both minor and complex business disputes can be resolved outside of a courtroom through mediation and arbitration. However, standing before a judge to argue your case is always a possibility.
It’s important to resolve your business litigation issues as quickly as possible. A drawn-out dispute can hurt both your business and reputation. Seeking legal counsel is often the best course of action when you’re forced into this situation. If you’re looking for a business litigation lawyer in Reno or Northern Nevada, contact our firm today.
The Top 5 Reasons to Settle your Business Dispute:
- Control your destiny and contain your risks. When you litigate or arbitrate your case, you put the ultimate resolution of your dispute into the hands of a judge, jury, or arbitrator, all of whom are capable of doing things that surprise you and hurt you. On the other hand, settling your dispute means that you and your opposing party decide by agreement what the outcome will be.
- Settle on a basis that cannot be obtained in court. Courts are limited in the types of disputes they can adjudicate and the types of relief they can award to a prevailing party. In contrast, business owners who settle their disputes are free to use any kind of consideration or inducement in settlement negotiations. For example, settlement agreements can include business terms regarding non-disparagement, confidentiality, dividing items of property that are not involved in the dispute, joint business undertakings, and a host of other items that a judge, jury, or arbitrator may not have the ability to award. It’s always important to know when to settle and when take your case to business court.
- Devote your time, resources, attention, and emotional energy to your business rather than to your dispute. The litigation process consumes substantial amounts of your time, money, attention, and emotional energy. The judge or arbitrator imposes deadlines, discovery requirements, and other obligations. Moreover, many business owners prefer running their business to the stress of re-living past disputes and preparing to testify and be cross-examined in court. Settlements often come about because the parties realize that the litigation process is preventing them from doing what they do best and what brings them the most satisfaction.
- Protect your privacy. When you go to court, you are often required by discovery rules to reveal sensitive details about your business to your adversary. Moreover, unless court records are sealed by the judge, anybody can look at them. The sooner in the process that you are able to settle your business dispute, the better able you are to protect your sensitive business information.
- Bring finality to your business dispute. Our court system emphasizes due process. But it takes time to give notice to all participants, allow them obtain discovery, consider multiple motions, and conduct a trial. Many judges have thousands of cases on their docket. Even when a winner is declared, the winner must follow post-judgment enforcement procedures. Moreover, appeals may be taken. A well-crafted settlement resolves the business dispute once and for all.
Don’t let a business dispute distract you
Business owners and entrepreneurs know just how annoying dealing with disputes is. Big or small, business disputes leave you with less time, money, and energy to focus on the big picture and day-to-day operations of your enterprise. Not tackling a dispute the right way can cause significant troubles for you and your business in the short run and the long term.
There’s a reason our firm is trusted throughout Northern Nevada, we’ve delivered results for folks for over a decade. If you’re dealing with a dispute in Reno, Carson City, or anywhere in Northern Nevada, give us a call.