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Understanding commercial disputes and their resolution is crucial for anyone involved in the business sector. These disputes can arise from various issues, including breaches of contract, intellectual property conflicts, employment disagreements, and partnership disputes. Several methods exist to resolve these disputes, each with its own advantages and disadvantages.
A commercial dispute arises from legal disagreements between parties involved in business transactions. These disputes can involve various business entities, such as small businesses, corporations, partnerships, and multinational companies.
Several types of commercial disputes are common in the business world:
ADR offers a way to resolve disputes outside the traditional court system, including mediation, arbitration, and negotiation. ADR can save time and money, preserve relationships, and provide flexibility in resolutions. The Law Society of Ireland provides an updated ADR Guide for solicitors, emphasizing the importance of understanding various ADR techniques. Courts in Ireland actively encourage the use of ADR, with the Mediation Act 2017 playing a significant role.
The initial step in resolving a business dispute is to attempt to reach an agreement with the other party. If this fails, mediation or arbitration may be necessary. Mediation involves a neutral third party assisting in reaching an agreement, while arbitration involves a neutral third party making a binding decision. Before issuing proceedings, consulting with a Solicitor is recommended to assess the claim’s validity and determine the best course of action.
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