The idea of court is very exciting when it’s on TV. When you’re sitting in that room, hoping that you win, but worried that you won’t, it’s painful. Not only is it a real blow to the nerves, it can obliterate your finances, regardless of whether you win the case or not.
When we are involved in or run a business, there is always the chance that a commercial dispute can arise. There are a number of ways this could happen, from issues with your partner or shareholders, poorly defined contracts, lack of payments to other companies, and more. The risk is always there and unfortunately, many of us, at one point or another, get caught up in such an affair which has the potential to break you and your business.
There are, however, some ways in which you can minimize your expenses when involved in a commercial dispute. Though many of them are proactive, others can be used at other points in the game.
- Clearly Define the “What-if’s”
Before you do anything, prepare the paperwork. Whether you are planning to hire someone, enter into an agreement with another company, order something wholesale, or even start your business from scratch. Unless you define every scenario and how to deal with it, it can become a pain point later on in the litigation process. It can seem a little fatalistic at first, but you will get used to covering your bases, and you’ll see that others will respect you for it. It might seem like an expensive endeavor, but you’ll find value in hiring commercial litigation lawyers who sit down with their clients to determine their objectives before anything negative happens. They can advise you on proactive measure and will already have a relationship with you if there was something they needed to be actively involved in.
- Always Communicate
If there ever comes a point when the dispute can be resolved without legal representation, it’s often a better option. In cases when relationships dissolve or contracts are not being kept, trying to be transparent about your situation and clear with communication can really save you some time, grief, and money. However, this is not an option for many. It’s always worth a try, though, as attempts at communication and making the peace can be useful in court if it should end there.
- Mediate
Once at the point that legal intervention is needed, try hitting a mediation room rather than a court room. You’ll avoid court filing fees, and instead pay significantly less for a professional mediator who can act as judge. You should still seek legal advice before or while going into a mediation session, however, it’s not mandatory like it is in court if you are looking to have a fighting chance.
- Look for Free Resources
If you own a small business, chances are that you qualify for limited free legal advice at certain agencies or government locations. In attempts to stimulate the economy and assist small businesses, you’ll find that there are often free legal clinics being held during which you can attend seminars, ask questions, and seek advice, even if your business budget is low. Though this help often does not extend as far as to represent you in court, they can be helpful in preventing situations like this in the first place.
No one likes thinking about what things would cost if everything went south, however it’s a reality we should all consider, especially when in a leadership or ownership role in a business.
Speak Your Mind