5 Tips to Avoid Litigation in Commercial Disputes
Whether you are a business owner, lawyer or someone who has been involved in a commercial dispute previously, it is important to understand what steps you can take to avoid litigation. Here we provide five (5) key tips to keep in mind when looking to avoid litigation in commercial disputes.
Tip 1
Keep documents and records organized and up-to-date. Having organized documents and records is essential for any business transaction, especially when dealing with commercial disputes. Keeping your documents and records organized and up-to-date will help you more easily identify any potential issues that may arise during the dispute resolution process.
Tip 2
Seek advice from an experienced legal adviser. If you find yourself facing a commercial dispute, it is best to seek legal advice from an experienced lawyer who understands the laws surrounding commercial disputes in the Northern Territory. They can provide guidance on how best to approach the situation and help you avoid costly litigation.
Tip 3
Consider mediation or arbitration before court proceedings are initiated. Mediation or arbitration are both alternative dispute resolution methods which can be used instead of court proceedings. These processes allow parties to come together voluntarily to discuss their differences and reach an agreement without having to go through lengthy court proceedings which can be expensive, time consuming, and mentally and emotionally draining.
Tip 4
Use clear contracts that outline the expectations between all parties should there be a dispute. From the outset it is important that all parties involved have a clear understanding of their contractual obligations, rights and responsibilities under the terms of the contract document itself as this helps limit future misunderstandings that could lead to litigation down the line.
Tip 5
Make sure all communications remain professional throughout the process. In order for any negotiations or discussions between parties to be successful they must remain professional at all times regardless of how difficult or challenging conversations might become. Maintaining professionalism during negotiations helps foster an environment where each party feels respected and heard while also being more likely to make compromises which could potentially resolve the issue without having to resorting to court proceedings
When faced with a commercial dispute it is important that those involved understand their options for resolving these issues without having to resorting to going through costly court proceedings by following the five (5) tips outlined above: keeping documents organized; seeking legal advice; considering mediation or arbitration; using clear contracts; and maintaining professional communication throughout the process . Doing so can help ensure that your business remains protected while still allowing for an amicable resolution of any disputes that may arise quickly and efficiently without needing additional assistance from the courts system.
Would you like to know more about how to avoid litigation in commercial matters? Please call James Burke or Adam Stencel on (08) 8941 6355 or email james@bowden-mccormack.com.au or adam@bowden-mccormack.com.au.