When you and your business partner are experiencing a dispute, you might be searching for a way to find a resolution without going to court. Alternative dispute resolutions, such as arbitration, mediation, and negotiation, are three legal tools you can use to help settle the matter. Keep reading to learn the difference between these three alternative dispute resolutions:
Arbitration involves a third party who makes a decision for the parties involved. He will hear each party’s concerns and wishes and will decide based on his best judgement. The final decision is legally binding.
A mediator is used during the mediation process to provide communication between the parties. Often, the parties are in separate rooms and the mediator will visit each party with information from the other party. The mediator does not provide advice or give his opinion. He is solely there to deliver messages.
After the parties agree on the terms and conditions, a Memorandum of Agreement is written. This is used to clarify all decisions that were made upon mediation.
Negotiation is the alternative dispute resolution that gives both parties the most power. Instead of the final decision being made at a third party’s discretion, both parties can negotiate with each other (or through their lawyers) and decide the final outcome. If a decision cannot be made, arbitration or mediation may need to occur.
How the Walker, Hulbert, Gray & Moore Attorneys Can Help
In all three alternative dispute resolutions, it’s important to have the guidance and advice from an established lawyer in order to choose the best route. No matter if your situation requires negotiation, mediation, or arbitration, our team can help you gain the best possible outcome.
Do you have questions about arbitration, mediation, or negotiation? Do you need legal advice concerning a corporate issue? Our team of lawyers will be happy to guide you on this legal journey. Contact us today.