What is arbitration and why should you be familiar with the benefits of an arbitration service?
Running a business today is more tenuous than ever. When you’re not seeing large corporations go belly-up, you’re seeing small businesses struggle to get off the ground and keep their momentum year-round. From malicious parties attempting to infringe on an entrepreneur’s rights to environmental law becoming more strict by the day, there is a lot you need to keep in mind when protecting your brand. Sometimes even your best efforts don’t protect you and you are left with no choice but to reach out to a professional to help with contract disputes.
Here’s how arbitration works and how it can be the one thing standing between you and failure.
The function of arbitration is to help multiple parties reach a satisfying legal conclusion. This isn’t always easy, of course, when everyone has a different idea as to what constitutes ‘satisfying’. Resolving legal disputes is often best done with the aid of an objective outside party putting the needs of state and national law at the forefront even as they work with each party to reach a gradual resolution.
You likely hear a lot about bankruptcy these days. Interestingly enough, business-related bankruptcy has been on a steady decline these past handful of years. A recent study found a mere 3% of all bankruptcies filed in the United States coming from businesses, with the rest being confined to families and individuals. Nearly 90% of all Chapter 11 debtors have less than $10 million in assets or liabilities as well as less than $10 million in revenues. This is alongside 50 or fewer employees. Rather than writing yourself off, take this as just one slice of the bigger picture.
Where does environmental law come in? This is an element you literally can’t afford to overlook. Today’s businesses need to remain savvy to protect not just their investments, but their customers and surrounding community. People are more environmentally conscientious than ever and one of the most common factors brought up in commercial cases is negligence and oversight on the behalf of businesses. Environmental law is only getting more and more strict by the day to reverse harmful trends. How can you make sure you’re not on the wrong end of a bad suit?
A recent study found as many as 40% of Americans actively worried about indoor and outdoor air quality. This is a perfectly valid fear, as recent studies have confirmed indoor air pollution is as much as three times worse than even the most congested environment. This is alongside other concerns such as the tropospheric ozone, sulfur oxides, carbon emissions, radon gas exposure and refrigerants. It’s estimated as many as 5,000 lives could be saved every year (alongside the onset of early heart disease) by reducing toxic air pollution from industrial plants alone.
Whether or not your case will actually reach a federal court depends on a few different factors, current environmental law and bankruptcy issues notwithstanding. Back in the 1960’s nearly 12% of federal civil cases went to trial. How does that hold up to today? According to legal experts the percentage of civil cases that reach a Federal courtroom is a mere 1%. This doesn’t mean you should overlook the benefits of commercial litigation, however. A good arbitration service can save everyone a major headache while ensuring your rights are protected.
When in doubt, reach out to a class arbitration service and make sure everyone is on the same page.