When you are facing a business dispute that has resulted in a loss to your company, your first instinct might be to file a lawsuit. Yet it is important to know that there are often many options that may be available to resolve a business dispute before you turn to litigation. Many businesses in Santa Fe are under the assumption that a New Mexico business litigation lawyer can only assist you when you are ready to file a lawsuit, but in fact, business litigation attorneys represent companies at various stages of the dispute process. Indeed, our firm can assist you with your business dispute from the start, negotiating with the other side before turning to more formal methods of enforcing the agreement or resolving the dispute.
Accordingly, if you are wondering whether you need to litigate when you are facing a business dispute, the answer is often no. To be sure, our firm can provide you with more information about a range of methods for resolving a business dispute that can make you whole. When all other methods fail, then our attorneys are here to represent you in your lawsuit, and litigation may be necessary. The following are options that you may be able to consider to resolve your business dispute before turning to litigation.
Work With a Lawyer on Information Negotiations
Sometimes business disputes can feel monumental, but the dispute has not yet resulted in a significant monetary loss for your company and has not resulted in your business completely severing ties with another individual or business entity. In these circumstances, you may be able to resolve the dispute through informal negotiations, and litigation certainly will not be necessary. Our Santa Fe business litigation lawyers may be able to enter into informal negotiation with the other party (or the other party’s attorney) to reach a resolution that can remedy your losses to this point. Informal negotiations often save businesses time and money, and they may be able to save your business’s relationship with another individual or company.
Consider a Form of Alternative Dispute Resolution
Alternative dispute resolution (ADR), according to the New Mexico Courts, can involve different methods, including mediation or arbitration. When you choose ADR, you can often resolve a dispute more quickly and cost-effectively than if you choose to litigate.
Mediation is often beneficial for resolving business disputes when the companies want to maintain business relations, and when both sides want to be able to play a key role in the resolution process. Very different from litigation, mediation involves your business and the other party meeting with a neutral third party (the mediator). The mediator facilitates dialogue between both parties until you reach an agreed-upon resolution.
Arbitration is also a form of ADR, but the process is more similar to litigation (but with the cost and time benefits of mediation). Both sides present their cases to a neutral third party known as an arbitrator, and the arbitrator issues a binding ruling.
Litigation When Other Options Fail
In most business disputes, litigation is the option when other methods to resolve a dispute fail. In litigation, you will file a claim against the other party and present your case to the court in order to seek monetary damages and other potential remedies from the defendant.
Contact Our Business Litigation Attorneys in Santa Fe
If you need assistance resolving a business dispute, our Santa Fe business litigation lawyers can discuss your options with you. Contact Slate Stern Law today to learn more about the dispute resolution services we provide to businesses in New Mexico.