Had a disagreement with your business partner or client? Don’t worry, you’re not the only one. Commercial disputes are an inevitable part of business. No matter how hard you try to avoid it, discord is likely to happen at some point – and you need to know how to handle it effectively.
Prosperity Law LLP is a specialist in this area. Our team have excellent knowledge of commercial law and, here, they answer your most frequently asked questions about commercial dispute resolution.
What is a commercial dispute?
Generally speaking, a commercial dispute is a disagreement that arises as a result of commercial activity. This disagreement could be between you and someone else within the business – such as a shareholder or director – or a business contact (e.g. a supplier, customer, long-term client).
Most commercial disputes involve money in some way and the most common causes include:
- non-payment for goods and services
- the quality and quantity of goods and services provided
- goods and services that are different from what was expected
- disagreements over pricing
- missed timeframes and deadline
How can I resolve a commercial dispute?
Each case is unique – however, there are certain steps that every business owner should follow to resolve a commercial dispute as quickly and easily as possible.
The first step is to check your contract. There may be certain dispute resolution methods (e.g. an internal review system), which you have to use before you can seek external help. Once such options have been exhausted, it’s then a good idea to appoint a commercial law solicitor as soon as possible.
The solicitor will start by opening a dialogue between you and the other party. They will use a variety of alternative dispute resolution (ADR) techniques to encourage discussion and the mutual exchange of information – and, in many cases, this is all that it takes to reach an agreeable outcome for both. If an agreement isn’t reached, the next step is commercial litigation and court proceedings.
What is alternative dispute resolution?
ADR refers to a range of techniques that are used to resolve a commercial dispute, without involving a court of law. These techniques include mediation, arbitration, and adjudication. Essentially, you and the other party are encouraged to discuss the issue in the presence of a neutral third-party (i.e. the solicitor). It’s an amicable, effective process and usually much quicker and easier than litigation.
How much will commercial dispute resolution cost?
This depends on how long it takes to resolve the dispute and which methods are used. However, you can rest assured – here at Prosperity Law LLP – our rates are fair and competitive, and we do everything in our power to make sure the issue is resolved in the quickest, most cost-effective way.
Contact Prosperity Law LLP today
If you’re struggling to deal with a commercial dispute, it may be time to seek legal advice. By listening to your concerns and applying their legal know-how, our commercial law solicitors will devise a strategy that is tailored to you and ensure a satisfactory outcome is reached for all.
So why not get in touch today? Our commercial dispute resolution services are available in Manchester, Liverpool and Lancashire. Simply give us a call on 0161 667 3686 or send an email to info@prosperitylaw.com to find out more.
