Owning and managing a business is challenging and comes with a great deal of responsibility. Disputes are sometimes inevitable for New Jersey and New York business owners and can sometimes lead to business litigation.
You may want to avoid the litigation process but feel like there is no other way to resolve your dispute. Business litigation can be expensive and time consuming; however, sometimes it is necessary to achieve your desired outcome.
Business litigation
Business litigation may be the one option for you if you want the venue that allows you to present your case most fully. It is the most formal option and involves various steps before you get to your hearing date before the judge.
You will have to go through the discovery process, which involves an exchange of evidence between each side. You may also have one or more status conferences with the judge before your hearing, where you provide the judge with any updates on the situation.
Litigation also provides you with the right to appeal if you are unhappy with the outcome. This can be important to you, depending on the nature of your business dispute.
Arbitration
Arbitration is an alternative to traditional business litigation. You go through many of the same steps as with litigation, such as discovery, but the arbitration process is typically faster and less expensive.
Rather than one judge, in arbitration, your case is presented to a panel of arbitrators who decide the outcome. You can participate in the arbitrator selection process and have a chance to decide on arbitrators you feel have the best backgrounds and knowledge of your situation.
You can present evidence and testimony at your arbitration, but the evidence rules might be more relaxed than in formal business litigation.
Consider your overall goal
Arbitration also provides you with a better chance of preserving good business relationships. Litigation can damage relationships and potentially your reputation if you are seen as someone who sues when a dispute arises.
The best option for you depends on the details of your dispute. You may have a business litigation attorney with you no matter what option you choose, so getting legal advice on the best choice for you is a good idea.
