As a business owner in Mississippi, you have probably encountered quite a few disputes in your day. Knowing how to competently handle these disputes will prevent them from getting worse, while also ensure all involved parties are treated fairly. In general, there are three types of dispute resolution options available to business owners, each of which offers specific benefits.
You are probably already aware of litigation, which entails bringing your dispute to a judge for a binding decision. The judge, and sometimes a jury, will be presented evidence by each side, and this evidence will help reach a reasonable decision. Because court cases are public record, anyone can find the details of the judge’s decision. When litigation is used to resolve business disputes, the case is often settled before it actually makes it to trial.
Arbitration is similar to litigation, except the case is presented to a neutral arbitrator in lieu of a judge. Decisions are also binding, meaning that both parties agree to abide by the ruling by the arbitrator. Cases are kept confidential, unlike litigation. Also, people involved in arbitration can make decisions on how to conduct the session by negotiating different rules and criteria. Arbitration can involve attorneys, but it does not have to.
Information or advice provided during a mediation session is not legally binding. Mediators will guide the conversation and offer input, but he or she can not hand down a binding decision about the matter. However, mediation can be helpful for disputes that are somewhat amicable, where both parties are invested in finding a fair solution for everyone.