Find out about this little known solution to help you solve commercial disputes faster.
Maintain business relationships and solve commercial disputes faster and for less money than litigation and arbitration.
What is this secret method? It's called collaborative practice and here's how it works.
Collaborative practice is an approach used by attorneys to assist clients in negotiation and signing of settlement agreements. In this approach, the clients are in charge of resolving their own conflicts. It's in the best interest of a business, no matter how large, to work toward a quick settlement that can preserve business relationships. While disputes can be disastrous for a small family owned business that relies on local reputation and relationships, it can also cause issues for partnerships, LLCs, and corporations.
- Avoids the stress and financial risk that comes along with lawsuits and court cases.
- Encourages parties to work toward mutual resolutions.
- Preserves business relationships that could be destroyed with a lawsuit if the dispute goes unresolved.
- Gives the parties more control over their negotiations.
- Brings in specialists for opinions on controversial topics.
- Still has the added advantage of attorneys who can help guide and assist negotiations.
- Avoids court so confidential information stays private.
- Cuts down on costly litigation and arbitration.
How does collaborative practice differ from mediation?
Mediation brings in a neutral third party to guide the negotiations, whereas, in collaborative practice, the parties maintain control of negotiations.
For additional information, leave a comment below, or consult with a commercial or civil collaborative practice attorney.