A business law dispute that ends up in court can be very impactful on a New York company. If the business doesn't win the lawsuit, it might have to make a large payout that leaves the company bankrupt -- or significantly affects its bottom line.
Considering impactful nature of business litigation, many New York business may owners want to avoid legal disputes when possible. Here are a few tips that may be able help business owners in this regard.
Practice the golden rule
"Do unto others as you would have them do unto you," applies to business owners, too. Always try to put yourself in the shoes of people you're doing business with. What is right in this circumstance from your perspective, and what is right from the other person's perspective?
Putting yourself in the other person's shoes may help you avoid litigation and achieve a resolution that both sides can agree on.
When you can communicate with your business partners in a diplomatic way, you can have a better chance letting them know what you want and need. When you can communicate without judgment, and be open to hearing what the other side wants and need, you may have a better chance of settling your business dispute rather than taking it to court.
Look at past issues that led to litigation
By looking back at the history of your business, you can learn about the types of situations that commonly led to litigation. Then, you can plan accordingly for the future so that history doesn't repeat itself. Maybe you need to adjust the way you create your contracts, or implement other safeguards to avoid certain situations.
Don't wait. Act as quickly as possible whenever a potential business disagreement surfaces. Typically, the faster you react, the better chance you'll have of getting your business relationship back on track, and the less chance you'll have of ending up in court.
Learn about your legal rights and options
If a business disagreement or legal dispute does flare up, learn everything you can about where you stand according to the law. The more you know, the more likely you'll be of navigating your business dispute in a way that honors the needs of both sides, so you can negotiate a fair and appropriate resolution.