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Tips for resolving your contract dispute

On Behalf of | Feb 1, 2023 | Business Law

Indiana business owners know that solid contracts are essential to keeping their business thriving. Nearly every aspect of running a business involves contracts, which is why reaching a satisfactory resolution to contract disputes is so important.

A contract dispute can cause you many problems. It can cause your business operations to grind to a halt while the dispute is resolved, cost you money and time and damage your reputation.

Fortunately, many contract disputes are resolved without needing to resort to litigation. There are many ways to resolve your contract dispute.

Alternative dispute resolution

Your contracts might include a mandatory arbitration clause. If they don’t, it could be time to start including this in future contracts.

Arbitration and mediation are alternatives to litigation that provide both parties with the opportunity to sit down with a neutral third-party and try to resolve the dispute.

Although you will not be inside a courtroom in arbitration or mediation, there are still rules of court for alternative dispute resolution in Indiana that must be followed.

The main difference between mediation and arbitration is that an arbitrator can decide on the dispute for you, while a mediator cannot. A mediator offers suggestions and advice for resolution but does not take one side over the other.

When litigation is necessary

Traditional litigation is also an option; however, it may not be appropriate for your situation. Litigation could be the best choice if you are looking to end the contractual relationship altogether, or if you know the other party will not agree to fair terms without a court order.

However, if the relationship is one that you would like to preserve, litigation should be viewed as a last resort.

Knowing what option is best depends on many different factors. Talking over your situation with a business attorney can help you decide which direction to go in.

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