South Carolina business owners like you need tools in your arsenal for disputes. The success of your business depends on many factors. One of them is how you handle disagreements, arguments and disputes that crop up.
There are many dispute resolution methods out there. What you pick should depend on the type of dispute you face and what you want out of it.
The Balance discusses the differences between litigation and arbitration. These are two popular dispute resolution methods. Litigation is what comes to mind when you think of taking someone to court. This involves going to a court, seeing an appointed judge and presenting your case. The judge presiding over your case then makes a decision, which all parties are legally bound by.
There are negatives and positives to this option. It is costly and time-consuming. Your business is public record, which anyone can look into. It also comes with a higher risk of ruining business relations. But if you are dealing with a high-asset or vitriolic case, the ruling of a judge may benefit you most.
Arbitration involves an arbitrator handing down a legally binding decision. But you do not have to go through the entire court process. A judge does not oversee your case. Your matters are not recorded in public record. There is a little more wiggle room for parties to work together and come to a joint decision. As such, this option is best if you and the other parties still have some good will between you. If you do, arbitration can preserve business ties while saving you time and money.