Home Chambers THE GIST WITH DRC: BENEFITS OF SMALL BUSINESSES FROM ALTERNATIVE DISPUTE RESOLUTION (ADR).
THE GIST WITH DRC: BENEFITS OF SMALL BUSINESSES FROM ALTERNATIVE DISPUTE RESOLUTION (ADR).

THE GIST WITH DRC: BENEFITS OF SMALL BUSINESSES FROM ALTERNATIVE DISPUTE RESOLUTION (ADR).

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By Agatha O. Edelegba
As we all know, alternative dispute resolution (ADR) remains the fastest and
cheapest mechanism for conflict resolution when disputes arise in any
business relationship.

Ordinarily, Small businesses contribute to the economy of any country by
bringing growth and innovation to the communities where the businesses are
situated. It also means that small businesses help stimulate economic growth by providing employment opportunities and bringing urbanisation to a place.

According to industrial statistics, 51.9 percent of Small Businesses suffer in the
process of getting their disputes resolved through the traditional means (litigation). As we know, time and money are incredibly valuable to any
business venture.

When conflict arises, the cost of adopting litigation as a method of resolution
of the conflict is overwhelming. Fortunately, alternative dispute resolution, provides opportunity to resolve such dispute without unnecessarily investing time and resources. This enables the parties to work outside the courtroom to
find a win-win solution.

WHY YOU SHOULD CHOOSE ADR:

There are various benefits of ADR and it includes but not limited to the
following:

COST AND TIME EFFECTIVENESS

In most cases, alternative dispute resolution saves money because its
processes are not fund consuming in the long run as other methods of dispute
resolution such as litigation.

In addition, methods such as mediation and arbitration can move quickly
because it can take place when and where parties choose and it is more
flexible.

PARTY AUTONOMY:

Another key benefit to using alternative dispute resolution especially
mediation, is that the parties have a say in the outcome. Usually, using any
method of ADR, both parties can find common grounds and enter into an
agreement that will provide mutual benefits, unlike Commercial litigation
which usually focuses on one party winning.

Using any method of ADR, both parties can find a common ground and develop
an agreement that could even provide mutual benefits.

CONFIDENTIALITY

In any ADR proceeding, the processes are confidential, and it is often necessary
for a small business to keep conflicts private, as even a hint of trouble could
tarnish a company’s reputation.

Employing alternative dispute resolution is prudent and highly advantageous
when two parties plan on working together in the future as it restores the
relationship of parties.

Concluding, Success in any business dispute is measured not by who wins but
by satisfaction of both parties, which results in the continuing success of the
business venture.

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