There tons of business litigation facts I can bet that you’ve probably never heard of. If you had heard of them, the way you manage your business and customers would have changed long ago – and of course, you won’t be losing money like you are losing now.
Business litigation cases can be tough because it usually involves someone not following through with an agreed upon action.
Time and money can be involved since the initial action or inaction of one of the parties in the agreement resulted in some kind of loss.
Whether you are running an online business or a brick and mortar firm, and you are wondering, what makes one get involved in business litigation, I have got this amazing article to share with you.
However, there are some business litigation facts that some people have never heard of. The Following are five of them.
Basic Business Litigation Facts Many People Don’t Know
Business Litigation Facts 1: Certain Lawsuits to Watch Out For
Something you might not be aware of in the world of business litigation is that there are different types of lawsuits that can be easily brought against someone.
A business of any size can find themselves in the midst of a fraud case, intellectual property rights matter or discrimination lawsuit.
In the case of discrimination lawsuit which often occurs when an employee feels marginalized because of sex or race, it can be prevented by following this simple guide.
Nonetheless, when a person thinks of business litigation, they think of a contractual dispute also known as breach of contract, but business litigation can cover much more than that. A person or other business entity can bring a lawsuit against anyone they feel caused them some kind of loss regardless of how that loss was allegedly incurred. It could something as simple as failing to deliver at the time agreed.
Business Litigation Facts 2: Court Is the Last Resort
Businesses also don’t necessarily have to go to court over a matter. Alternative dispute resolution (ADR), such as mediation, can help resolve an issue and make everyone in the matter whole. Unfortunately many small business owners don’t know this.
Usually, when a lawsuit is filed, the first thing the defendant thinks about is having to go to court. Yes, a lawyer should be obtained, but using a form of ADR can save a lot of time and money.
If faced with a lawsuit, pursuing this method of resolution is the best route. The money you would have spent going back and forth to court with so many adjournments could be reinvested to keep growing your business, year after year.
Business Litigation Facts 3: Settlement Agreements are Possible
Using Alternative Dispute Resolution, ADR as the method of resolution means that settlement agreements are possible.
This doesn’t mean that a monetary award has to be paid by one party to another. Sometimes, the solution is simply meeting the terms of the original contract. For instance, if your digital marketing agency couldn’t complete the website development at the agreed in your contract, with ADR method, you can be asked to do it within a specified time frame.
In other words, a lawsuit can be a tool to get an agreement back on track rather than “ruin” the defendant in the case.
Business Litigation Facts 4: Avoid Litigation with Advice
The first thing to do when a lawsuit is filed against your business is not to panic but to get in touch with your attorney – more reason we encourage you to have a lawyer.
Business litigation can be avoided with legal advice. If your small business doesn’t have an attorney by now you are probably taking a big risk capable of ruining your startup.
The cost to retain an attorney can be much less than having to deal with a dispute. Most companies probably never recovers from business litigation claims, especially the ones that run in millions of US dollar. There are some rules of thumb to keep in mind: If in doubt, don’t do it; if it requires a signature, ask your lawyer first; never enter into a contract without your attorney reviewing it; if it could be misconstrued; don’t say it.
Business Litigation Facts 5: Trial Can Take Years
Lastly, a trial can take years. It can be a long time before it sees the court, and it can take a while to move through the process. If a party doesn’t like the decision, it can be appealed and that adds to the amount of time the process takes. This is another reason why settling can be the best route for all parties involved.
All in all, business litigation isn’t always what it seems to be. It can be a settlement rather than a trial. It can also be the fulfillment of an agreement instead of monetary damages. That will save your company business litigation contingency fee.
Having solid representation in your corner can be the difference between a costly result and a fair one.
For more information about business litigation matters and how to navigate them, please visit Greene, Broillet & Wheeler, LLP today to speak with a business litigation attorney.
Now over to you. Have you heard any of these facts from a business litigation lawyer near you or blog in the past? Let’s know in the comments section below.