When your company agrees to do business with another individual or organization, having a quality contract in place is essential to secure the desired outcomes. But what happens when there is a breach of contract or another dispute? Though hiring a contract lawyer is a good start, understanding what resolution options are available will ensure everything gets resolved in a satisfactory manner.

Negotiation 

Negotiation is often the first step businesses take when attempting to resolve a contract issue. These negotiations can sometimes lead to resolutions between the parties themselves, but often, it is helpful to engage an experienced attorney to advocate for your company. 

Though a lawyer is usually involved in this process to advocate their company’s side of the argument, negotiations at the onset of a disagreement can prevent the need for more drawn-out attempts at resolution. This is often viewed as the most cost-effective solution, but it is unlikely to work if neither side is willing to reach a compromise.

Arbitration & Litigation

If negotiations fail, a contract lawyer will typically become even more involved. Many agreements contain arbitration clauses. During arbitration, the parties will often select one or more arbiters. These individuals will receive information from the lawyers and then use it to make a decision, which can be binding or non-binding. This process can save time and money and ensure greater privacy than a trial.

In higher-stakes cases, such as when a contract breach would result in significant damage to the injured company or when the evidence and facts of the case call for it, you and your attorney will typically pursue your claims or defenses through the courts. This is generally the most costly and time consuming route to resolving contractual disputes, but when the parties are unable to reach a resolution through other means, is sometimes unavoidable. Before a case proceeds to trial, you and your attorney will navigate the discovery process, likely file and defend one or several motions, and most likely attend a mediation where a neutral mediator will once again attempt to assist the parties in coming to a resolution before proceeding to trial. Your contract lawyer should help you or your company in weighing the costs and benefits associated with each stage of a contractual dispute. 

No matter what type of business litigation issues you may be dealing with, you can depend on The Law Office of W. Randall Holcomb in Greensboro, NC, to handle your needs. With a background in commercial services, Mr. Holcomb and his team are an ideal resource when you need a contract lawyer. To learn more about their services or to schedule a consultation, visit them online or call (336) 888-8760.