As a business owner, you have poured time, energy and money into every facet of your business. No matter how much you plan and strategize for company success, you may not see a possibly damaging and common hurdle on the horizon in the form of a business dispute.
Become familiar with some of the basic aspects of a possible business dispute so you can learn how to recognize the signs.
A contract is a binding agreement between you and someone else for the contract of goods, services or even employment. Contracts are a top source of disputes that your business may face. Of these, a breach or break of a contract in some fashion occurs most often. This is when one side or the other fails to fulfill the agreement as set out in the agreement, causing the other harm in some way.
Your own employees may become a source of frequent disputes that may cost you time and money. While you cannot account for personal conflict, when it begins to affect the workplace, you may have to address it. Employees may also file discrimination charges or break non-compete agreements, two possible disputes that require your attention.
Employees are not the only group within your company that may disagree. You and your partners may not always see eye to eye, and while that is part of business, it may become a larger legal issue if it continues. Partnership disputes may require mediation and compromise to resolve.
Facing a business dispute may set your business back. Preparation and action may save you money and stress.