What are the advantages to business mediation and arbitration vs litigation?
EXPENSE • It’s less expensive than litigation. • You pay less in court filing fees, legal hours, and general litigation costs. SPEED • Mediation avoids court delays and lengthy preparation, pre-trial, and trial commitments. • Out-of-court settlements take less time away from your business than lawsuits. PREDICTABLE OUTCOME • Compromises are not completely satisfying, but guarantee at least partial victory. • You can always go to court later if the mediated solution doesn’t work out. • Out-of-court settlements minimize the chances of bad publicity from a trial. MAINTAIN BUSINESS RELATIONSHIPS • Preserving ongoing business relationships can be more important than winning. • Possible future problem with business partners can be avoided. • Methods for resolving disputes can be set up for the future. If you can’t resolve a dispute out of court, or have no other option left but litigation (such as defending against a lawsuit), then there are some benefits and drawbacks of lawsuits you should
EXPENSE • It’s less expensive than litigation. • You pay less in court filing fees, legal hours, and general litigation costs. SPEED • Mediation avoids court delays and lengthy preparation, pre-trial, and trial commitments. • Out-of-court settlements take less time away from your business than lawsuits. PREDICTABLE OUTCOME • Compromises are not completely satisfying, but guarantee at least partial victory. • You can always go to court later if the mediated solution doesn’t work out. • Out-of-court settlements minimize the chances of bad publicity from a trial. MAINTAIN BUSINESS RELATIONSHIPS • Preserving ongoing business relationships can be more important than winning. • Possible future problem with business partners can be avoided. • Methods for resolving disputes can be set up for the future. If you can’t resolve a dispute out of court, or have no other option left but litigation (such as defending against a lawsuit), then there are some benefits and drawbacks of lawsuits you should
