Disputes are quite common in business, and if you find your Indiana business involved in one, you may start exploring your options to determine your strongest chance at a successful resolution. Most people choose to settle business disputes using one of three common methods: mediation, arbitration or litigation.
Per Harvard University, if previous attempts at coming to an agreement have failed, you may be able to settle matters using one of the following dispute resolution formats.
Mediation requires you and the party or parties on the opposing side to meet with an unbiased third party known as a mediator. Both sides offer their perspectives, and then the mediator offers advice about how to move forward.
Arbitration is similar to mediation in that both have you coming together with a neutral third party. However, rather than give you his or her opinion, the arbitrator makes a legally binding decision about how to settle the disagreement.
Sometimes, you may not be able to settle your business dispute through mediation or arbitration. Under these circumstances, you may have no choice but to move forward with litigation. Litigation has you and the opposing side square off with one another in front of a judge or jury with the help of your attorneys. Often, but not always, litigation ends with some sort of settlement.
Regardless of what dispute resolution method you choose, make sure to arrive prepared. Bring any evidence that backs up your side with you and make sure to carefully document all details and communications that relate to your business dispute.