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Is litigation the only way to resolve a business dispute?

Sometimes during the negotiations of a business agreement or the execution of a business plan a certain level of conflict can arise. This conflict can impose stress, strain and confusion on the business itself as well as the people responsible for seeing the negotiations through. When business disputes and conflicts occur, New Jersey business owners often want to do every they can to avoid facing lawsuits as a result of the developing problems.

Litigation is often a last resort for business owners for a number of reasons. First, it can be costly in terms of financial expenditures and other resources such as time and energy. Second, it can be difficult to file in terms of jurisdiction because businesses and their working partners are sometimes residents of different states. When business agreements fail to stipulate litigation terms, getting to court can be a challenge for some enterprises.

Therefore, not all business turn to litigation as a first attempt to resolve conflict over contractual breaches, ambiguous terms and other business disagreements. Many companies attempt to work with their conflicting partners to sort out differences before having to file lawsuits. While some do so directly, others use alternative dispute resolution, arbitration and mediation to get to the end of their differences.

Alternative dispute resolution, arbitration and mediation are all different ways to settle differences outside of court. Depending on the method chosen, a pair of conflicting entities sits down with a neutral third party and finds ways to overcome their differences. Different forms of negotiation have different ways of binding participants to their final resolutions and therefore individuals should specifically research each of the conflict resolution methods mentioned here to learn more about what they offer. Please consult your business law attorney to learn if these methods of conflict resolution are available to resolve business disputes.

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