Mediation: Answer to Common Business Disputes
One way or another, no matter how diligent you are in your business operations, disputes may arise that can lead to legal issues. Hence, legal proceedings will require your time, energy and most of all lots of money. A recent article, 3 Business Situations That Are Ripe for Mediation by Barbara Weltman, discusses three conditions where you may opt mediation before proceeding to litigation.
Mediation is a dispute resolution process in which parties agree to work out a legal matter themselves with the help of a third party.
- Agreement Disputes
Regardless how lengthy and specific the terms of an agreement may be, there always seems to be room for ambiguity or situations that weren’t contemplated.
Instead of going to court (which can be costly), conflicting parties can agree to mediation. They bring in an impartial third party to act as mediator. The mediator’s task is to assist the parties reach their own solution.
Tip: It may be useful in drafting your future agreements to include clause stating that if a dispute arises, mediation will be the first option for resolving conflicts.
- Tax Issues with the IRS
The IRS’s Small Business/Self-Employed Division has a fast track settlement program that lets you resolve tax issues with the IRS that could not be settled through the IRS appeals process and without going to court. Once your application for mediation is accepted, the process normally takes about 60 days.
Tip: If you want to request mediation, file IRS Form 14017 along with a written statement relating your position about the issue in dispute.
- Marital Dissolution
The disposition of a business owner’s interest during a divorce can be excruciating and financially draining. Couples in executive suites Denver who are breaking up can use mediation to create their own property settlement. The estimated legal costs for handling a divorce in the usual way can be 2 to 10 times higher than using mediation.
Mediation can address complex issues. If necessary, the mediator can suggest bringing in an appraiser or accountant. The mediator’s recommendations can always be reviewed by each spouse’s lawyer from executive suites orlando before concluding any agreement.
Tip: Mediation is confidential while court proceedings are a matter of public record.
Mediation can be very beneficial in resolving conflicts that may dawn in your business. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team/conferencing/meeting spaces and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.