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WHAT TO DO IF IT All GOES WRONG
Page 40
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However good the partnership agreement and management style, disputes can still arise. Ultimately, a partnership dispute can only be resolved by a combination of: • Negotiation • Mediation • Legal action • Dissolution However, when it seems inevitable that a dispute will escalate, what can be done to aid a speedy resolution?
• Nip the dispute in the bud • If matters cannot be resolved among the partners, seek professional help at an early stage. Alternative Dispute Resolution (ADR) is the collective term for the ways parties can settle civil disputes, with the help of an independent third party and without a formal court hearing. More information can be found on the website of the Department for Constitutional Affairs at www.dca.govciviVadr • Keep talking and negotiating and take full advantage of mediation and ADR
• If dissolution is unavoidable ensure there is appropriate accountancy advice as regards taxation issues and other complexities such as valuation and assignment of ongoing contracts