3 ways to protect your business after settlement.

Feel safe and reassured.

Yay! You are elated that you’ve resolved an issue with your customer, but how do you ensure that you safely protect your position?

Say you entered a contract with a supplier to supply and fit IT solutions in your newly refurbished office, but your supplier still needs to deliver what they said they would. To move forward, you’ve spoken to your supplier, and you are incredibly pleased that you’ve agreed on a way forward, but what next? 

Here are 3 ways to protect your business after an agreement has been reached.

  1. Shake hands. 

This is the least safe option, but if you have an established relationship with your customer, it may be a quick way for you both to move forward but please at the very least set out your agreement in an email.

  • Mediation

Mediation is a process where the parties to a dispute are assisted by a specialist person called a “mediator” who is trained in helping to resolve disputes. So even though you’ve agreed with your supplier in principle, a mediator can help you fine-tune that agreement, and then it can be recorded officially in writing.  

  • Settlement agreement.

A settlement agreement is the safest option if a properly trained legal adviser has prepared it, as it should record what each party has agreed to do and pay and when. If legal advisors are present at a mediation, they will often help the parties to finalise matters in a settlement agreement.

We regularly help business owners to resolve disputes and to safely protect their interests.  If you’d like an informal chat about a dispute, contact us.

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