When two businesses have a dispute, the first step is often commercial litigation. This is when businesses take their case to court. However, sometimes going to trial can be costly, timely, and public. That’s why many businesses choose arbitration instead. In arbitration, both sides present their case to a neutral third party, who then makes a binding decision.
Commercial litigation and arbitration can be daunting and confusing. Although both are legal proceedings that settle disputes between businesses, there are important distinctions that you should be aware of before entering into either process.
If you find yourself in a business dispute, here are some tips by Jeremy Schulman on how to navigate commercial litigation and arbitration.
- Understand the Process
Before getting started, it’s important that you understand the process of commercial litigation and arbitration. This will help you know what to expect and how to prepare for each step.
- Hire an Experienced Attorney
The next step is hiring an experienced attorney who specializes in business law. This is someone who knows the ins and outs of commercial litigation and arbitration and can give you the best chance at winning your case.
- Gather all Relevant Documentation
Once you have an attorney on your side, they will begin gathering all relevant documentation related to your case. This may include contracts, emails, invoices, financial statements, and more.
- Prepare for Court or Arbitration
Once all the evidence has been gathered, it’s time to prepare for court or arbitration. This means going over your case with your attorney and making sure you are both on the same page. It’s also important to know what to expect from the other side so you can be prepared to counter any arguments they may make.
- Attend Court or Arbitration hearings
After all the preparation is done, it’s finally time for the big day. Whether you are going to court or arbitration, make sure you arrive early and dress professionally. Be respectful to everyone involved and always listen carefully so you can react accordingly.
- Wait for the Decision
After the hearing is over, all that’s left to do is wait for the decision. This can sometimes take weeks or even months depending on the complexity of the case. Once a decision has been made, it is final and cannot be appealed.
- Move on From the Dispute
Once the decision has been made and you have either won or lost your case, it’s time to move on from the dispute. If you won, congratulations! If you lost, don’t dwell on it too much—there’s always next time. Either way, it’s important to put this dispute behind you so you can focus on running your business.
The final say.
Commercial litigation and arbitration can be complicated and daunting processes—but with these tips in mind, you can navigate them like a pro! Just remember to understand the process before getting started, hire an experienced attorney specializing in business law, gather all relevant documentation, prepare for court or arbitration, attend the hearing, wait for the decision, and move on from the dispute. Good luck!