What is Litigation?
Litigation means “a dispute between two parties”. The disputes are generally in two categories; Criminal and Civil. In this brief article, I am referring to “Civil Disputes” arises because of transactions between the parties, commercial or non-commercial. The litigation comes when the parties are not able to resolve the disputes amicably.
Best way to avoid small business litigation is to:
- Written Agreements/Contracts.
- Being communicating regularly.
- Better to discuss relevant and prospective issues.
- Hold Meetings and keep Minutes of Meeting and get the same signed by all the Parties attending including the Owner/s to avoid any issues later.
Pre-Litigation Measures one can take:
- More care at the initial stages leads to latter stages being smooth and painless. Professional assistance committed to avoiding litigation can add value at each stage.
- Be very careful in choosing the parties with whom the business will be done.
- Spend time to find more about potential associate/partner.
- Start with some activities that build mutual understanding and confidence.
- Move into long-term or deeper involvement with caution.
- At each stage of the relationship, prepare clear documents that leave no room for misunderstanding.
- While in the relationship, take all possible care to avoid derailment.
- If things go wrong, try for the amicable resolution of problems.
- If amicable resolution not possible, try for exit by mutual consent.
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*Content of this post is a Copyright work and is owned by Adv. Lalit K Jain (THE LEGAL DESK)