The unfortunate reality is that disputes often arise in business matters. The time and costs associated with litigating disputes rarely serves the interests for the parties involve and the adversarial environment of litigation rarely fosters a collaborative effort amongst the parties to resolve the issue(s) mutually. To address this, many courts and administrative agencies have begun implementing various forms of alternative dispute resolution (ADR) mechanisms to resolve business matters in a timely, efficient and cost-effective manner. Some of the more common ADR mechanism include mediation, arbitration, conciliation, negotiation and collaborative law.
Benefits of ADR for Businesses Matters
There are several benefits of ADR over traditional litigation in resolving disputes. Those benefits include:
- Reduced litigation costs and attorney’s fees;
- Saves time spent in preparing and scheduling for court hearings and trial;
- Provides parties the opportunity to retain control of proceedings and outcomes, rather than placing control in the hands of the court;
- Allows parties to preserve valuable relationships and potentially keep proceedings confidential;
- Avoids volatile and unpredictable jury awards.
- Provides greater likelihood of satisfaction with outcome
Strategies in Reaching Agreements
Statistical analysis of ADR sessions reveal four proven strategies for reaching successful agreements:
- Reflect: Both parties are encouraged to listen and reflect on the issues presented from not only their perspective but that of the opposing parties as well.
- Elicit: ADR provides the opportunity for participants to offer a range of possible solutions to the conflict and not be committed to only one resolution.
- Offer/Tell: Each party is entitled to advocate for their own solution, while considering counter offers and legal analysis of the issues involved.
- Caucus: Caucus is the process of meeting with ADR participants both separately and together. Although caucuses are scheduled with all parties present, each has the opportunity to discuss the matter privately with their own attorney. This removes the risk of making hasty agreements, allows for thoughtful consideration of individual benefits or goals and helps to diffuse confrontation situations.
If you are involved in a business conflict or dispute, call or contact the Law Office of Rosano, P.C. today to request a consultation to discuss your matter. Our staff can advise you of the available ADR options for your case and determine the best course of action to achieve the most successful results for all parties involved.