Solving a dispute can be expensive because of the time it takes away from running your business. You may be having a disagreement with a customer, supplier, business partner, or employee, depending on the situation. However, there are several crucial steps you may take to tackle the issue and maintain strong business ties in each situation.
Maintain a professional demeanor whether you’re speaking or writing. It’s best to refrain from using aggressive or emotive words, or blaming other people. Try to see things from the other person’s point of view.
The dispute’s most important details should be documented. A summary of earlier discussions or correspondence between the parties could be included. Put your documents in chronological order and emphasise the most important elements.
Try to find a solution that benefits both parties. Be realistic and prepared to compromise. Make a list of feasible options that you can discuss with the other side. Consider the consequences of attaining (or not reaching) a certain solution for your business, particularly in terms of time, money, and future working relationships, before committing to it.
Negotiate with the other party to find a resolution. Always check to see if the individual you’re speaking with is authorised to resolve the dispute. Minor concerns can sometimes be resolved over the phone, but more complex issues are best handled in person. What the opposing side has to say should be carefully listened to, and notes should be taken. During their speech, do not interrupt, and when they have completed speaking, answer in a non-threatening way. Whenever a solution is agreed upon, be sure to put it in writing and give a copy to the opposing party.
Even after discussing and writing with the opposing side, you may need to seek assistance from a third party to help resolve the disagreement.
Relying on the legal system should be avoided at all costs. To resolve the problem, consider adopting alternate methods such as negotiation and mediation. Most of the time, these services are less expensive and less stressful than going to trial.
Arbitration Act of Malaysia 2005 (Act 646) is the legislation dealing with domestic arbitration law reform; international arbitration; the recognition and enforcement of awards; and related issues. According to the “international arbitration” description, this act’s goals are:
For parties with more than one place of business, it is referred to as the nearest place of business, or if a party has no place of business, it refers to that party’s customary abode. A party’s right to authorise a third party, such as an institution, to determine a given issue is included in a provision in this Act (excluding section 3). the parties’ agreement shall include any arbitration rules referenced in the agreement when a section of this Act states that the parties have agreed or that they may agree or in any other way refers to an agreement of the parties