Problems arise in a daily basis between businesses, their suppliers, employees, and customers. Most of the time, organizations deal with various problems efficiently and quickly through common sense. However, a small percentage of the problems escalate into disputes, which must undergo immediate resolution (Miller & Jentz, 2011). Dispute resolution refers to one of the different process that organizations use to deal with disputes between parties, including mediation, negotiation, litigation, collaboration law, and arbitration. When the disputes remain unresolved, they may hinder the productivity and profitability of the business (Miller & Jentz, 2011). This discussion will consider how a businessperson in Vermont would use negotiation, mediation, and arbitration to resolve a business dispute.
Mediation refers to a process of dispute resolution that involves hiring a third-party neutral to help resolve a dispute between businesses, their suppliers, employees, and customers through shuttle diplomacy (Miller & Jentz, 2011). The involved parties will share the cost of mediation equally. A businessperson should look for experienced mediators. Arbitration is a legal technique of dispute resolution outside the courts. According to Miller & Jentz (2011), arbitration is a significant aspect of industrial collaboration and international trade. The VermontState has acknowledged arbitration as an effective process for resolving business disputes between different parties. Vermont is one of the states in America, which have adopted the Uniform Arbitration Act (Born, 2009). Negotiation is dispute resolution processes between business parties to resolve point of difference (Miller & Jentz, 2011). Effective negotiation requires a businessperson to be able to communicate effectively, be diplomatic and flexible, listen, and read the audience.
Therefore, it is necessary for a businessperson to employ various processes of business dispute resolution to enable involved parties avoid wastage of money and time on past grievances. In VermontState, businesspersons usually employ negotiation, mediation, and arbitration to resolve business disputes. Business dispute resolution ensures that various parties remain in friendly relationship and, therefore, promoting the progress of businesses (Miller & Jentz, 2011).