Owning and operating a small business is a dream come true for many people and undoubtedly brings extraordinary benefits, for example, you are your own boss which gives you the independence of choosing whom to do business with and what work they will do.
There are, however, downsides, one being that at some point in your professional life you are likely to face some type of commercial dispute.
To help you understand the type of legal disputes that can occur in business, we have set out below the most common categories of commercial disagreements.
Commercial contracts are the glue that binds the business world together. With different parties committed to meeting their targets and objectives, however, not to mention various vicissitudes of life such as pandemics and natural disasters that can thwart even the most basic agreement, it is inevitable that parties can fall into disputes, especially if communication breaks down.
No person can be an expert in all business-related matters or provide the necessary tools and supplies required to run an SME. Throughout your entrepreneurial life, you will need to rely on professional service providers and suppliers to grow your business. A major type of commercial legal dispute arises from another business or person who you have put your trust in being negligent and causing you damage (often in the form of economic loss).
Business disputes frequently involve elements of contract and negligence law, therefore, it is crucial to seek legal advice at the first opportunity to ascertain the best steps to take to resolve the dispute quickly and cost-effectively.
The third most common type of business dispute is employment disputes, which can cause small business owners to experience many sleepless nights. If you have a small team one employee’s unhappiness can spread through your entire workforce, damaging productivity and your reputation as a great place for talented people to work.
To avoid employment disputes make sure you have robust employment contracts
in place and develop a relationship with an Employment Law Solicitor who can advise you on matters such as discrimination, unfair dismissal, and sick leave and pay.
The above are only snippets of the types of commercial legal disputes that can affect your business. If you need legal advice and representation regarding a business dispute or alternative dispute resolution, please contact us today.
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