Businesses can often find themselves facing contractual disputes with suppliers, partners and other stakeholders involved in the chain of their business. For commercial parties, the prospect of time-consuming and costly court proceedings is far from the ideal method to resolve these disputes. At Phoenix, we understand the need for businesses to have access to modern, innovative means of resolving disputes, which require little time and financial commitments. Our commercial outlook has convinced us that the ADR is the way forward in a globally expanding business environment where the need to regulate commercial contacts is greater than ever.
Alternative Dispute Resolution can help businesses avoid court proceedings as well as keep the details of their disputes private. Often, the bad publicity stemming from a dispute can be more harmful to the company than the time and financial costs. The main ADR options for resolving a commercial contract dispute include:
- Negotiation – an informal way of resolving a dispute, involving a back and forth between you and the other party with our assistance until you reach a resolution (link to negotiation page).
- Mediation – involves an impartial third party facilitating negotiations between parties with the aim of reaching a settlement that is mutually beneficial. Read more here (link to mediation page).
- Arbitration – like a court, except it offers you confidentiality as well as a swift and binding judgment. You may find that obligatory arbitration in the event of a dispute is a term in your contract (link to arbitration page).