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General Partnership Agreements
6. Enforcing an Agreement
One way to resolve business disputes and enforce agreements is through the court system.
However, courts and lawsuits are not the only option.
The parties can agree beforehand to have a mediator review a dispute.
The parties are usually not bound by a mediator's decision, but the decision definitely helps both sides see a clearer picture and settle the dispute.
The parties can also agree to binding arbitration. In arbitration, a neutral third-party listens to the arguments from both sides. The arbitrator then issues a decision that is binding on the parties. This is less time-consuming than a court battle and usually much cheaper. |
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