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Is your business in dispute with a supplier?

On Behalf of | Aug 4, 2022 | Business Law

Your company started off small but has expanded significantly over the years. As the business has spread its wings, you’ve started to enlist the help of other companies, such as suppliers, so that you are always able to meet demands.

Usually, this process runs smoothly but you’ve run into some trouble. You’re in the middle of a dispute and seeking a prompt resolution. How do disputes with suppliers arise and what can be done to resolve them?

Ensure mutual benefits

While you have your aims and objectives, the same can be said for your suppliers. This business relationship needs to be founded upon trust and mutual benefits. They supply you with goods on time and you offer prompt payment for these services. Delays in either your supplies or payments can result in disputes that set you back significantly. While it’s beneficial to communicate clearly with one another, the best way to protect your interests is to have all agreements backed up with watertight legal contracts.

Any contract that you draft can also contain resolution methods should something go wrong. This way, both parties could avoid ending up in lengthy disputes that are seemingly unsolvable. Companies commonly arrive at loggerheads because they don’t know where they stand. A business-to-business contract can prevent this.

Keep written records

Disputes can also arise because of genuine mistakes caused by a lack of written evidence. It is in the best interests of all companies to keep detailed records of transactions so that they can be reexamined if necessary.

Business disputes can be stressful and costly but with the appropriate legal guidance behind you, they can also be avoided.