How to settle business disputes in Singapore?

Before taking business disputes to court, it is critical to note the logistics involved. If you are a small business owner, the lawsuit keeps you away from your workplace.

Moreover, there is the lingering chance of you losing a strong case in court as well.

The whole affair involves time, energy, and capital. Hence, it is best to explore some settlement options before taking matters to court.

 

Lawyers Or No Lawyers?

Now it is no secret irrespective of the verdict, the lawyers always win.

A lot of money goes into legal representation. Large companies stray away from spending more than 5% of their settlement amount on legal fees.

However, there are some procedures to follow in resolution where a lawyer can help.

Lawyers intimate the letter of demand to the defendant that clarifies your requests. The objective is to negotiate an agreeable settlement swiftly without splurging on attorney fees.

 

 

Breaking down the Settlement Process

The letter of demand indicates the defendant about your claims’ seriousness and regarding a trial hearing, if necessary.

It is your warning shot. If the defendant finds the deal compelling, they are likely to pay and settle matters in good faith.

In a business dispute, you sit with someone wielding the defendant party’s signing authority to close the deal.

For larger corporations, settlements require the seal of approval from the board. Check with your lawyer to ensure you do not have time constraints or expiration risks in case of delays.

 

 

Lawyers can assess from your meetings –

  • The odds of winning the case in court.
  • The settlement amount by court order.
  • The final estimate on your legal bills.
  • The strengths and weaknesses of your case.
  • The strengths and weaknesses of the opposing party.

 

 

Settlement Amount

The final amount seldom aligns with your expectations.

Business disputes always generally end in a compromise.

Consider the time and effort you and your staff puts behind the case and hearings.

You need to spend time away from business with your lawyer, set up communication through emails, calls, and attend meetings.

Estimate the revenue you may lose in this matter and consider the amount.

 

The best-case scenario is to reach agreeable terms where both parties can live and let live. The calculation is hardly straightforward, and legal knowledge is critical in closing the deal.

 

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