You might be one of many New York business owners facing legal issues regarding a contract, an insurance claim or other complex matter. Besides lacking the knowledge or background to analyze documents or legal terminology, taking a case to court can be costly, and not only for financial reasons. It takes a lot of time to litigate complex business issues, which robs you of time to focus on daily operations. The good news is that there are alternative dispute resolution (ADR) options available.
Such options enable you to resolve business-related disputes without stepping foot inside a courtroom. There are several types of ADR, and each type avoids litigation. By choosing ADR, you can achieve a fair solution to your problem swiftly and economically.
The 2 main types of ADR are mediation and arbitration
If you agree to mediate your dispute, you will attend discussion sessions with the other party. The primary goal of mediation is to resolve a dispute without confrontation and without going to court. A neutral third party who is trained in ADR facilitates the discussions. With mediation, you and the other party come up with a plan to resolve your differences on your own.
Another type of ADR is arbitration, which is similar to litigation in several ways. An arbitrator oversees the process and issues a decision in favor of one party or the other. Arbitration may be non-binding or binding. Both types of ADR take place in a private setting as opposed to litigation, which occurs in a public courtroom. By scheduling a meeting with Cox Padmore Skolnik & Shakarchy LLP, you can connect with an experienced legal team who can review the details of your dispute and recommend the most viable option in your case.