Legal disputes are inevitable. At some point, every business will experience a conflict that might result in litigation. And no matter how dreaded business owners are of litigation, it is better prevented. To stay ahead, and proactive, you need to engage the following:
Read more about Business
-
Be educated
You have to be enlightened about the different avenues a dispute can arise in your business transactions. It could be something as little as accusing a customer of wrongdoing and getting sued for defamation, or skipping the payment of taxes, or running into debt. It is easy to be entangled in a lawsuit without any intentions, so the best bet you would have is to be ahead of your game.
-
Get a lawyer on retainer
While it is good to be educated about law-related issues regarding your business, you would not have the requisite time and attention to deal with them. Also, solving legal disputes are way more costly than normal when you are trying to find a way out of an existing problem. What better way to save money than to prevent one?
-
Keep records
Even with a lawyer, you would have to make sure the job isn’t cut-out for them, by keeping written records of every transaction you make, both with third parties and the staff of your business. All the contracts you have entered with parties should always be in writing, and if made orally, a written document should follow suit.
Sign up to the Connect Nigeria daily newsletter
-
Be law compliant
You have to create policies to make sure that you comply with the law, alongside every member of your business team. You will limit unethical behaviour, and any form of illegality if you have internal rules that ensure you remain compliant with the laws regulating businesses in Nigeria.
-
Think long term and make plans
This especially includes your desire to ensure all creations and innovations made during the course of business retains your intellectual property. With this same attitude, ensure you go over all of your business processes thinking long term. Protect your brand name and the brand process by registering with the right authorities. With these, you will stay ahead of many in your niche and business space.
You can make things even better by being fair in all of your contracts and agreements, so you are at very minimal risk. Also, get specific in your contracts, so nothing is left to chance when executing it.
If you are already involved in litigation, what you need to do is find a lawyer with the right expertise, training and experience to help you resolve them permanently. Not all disputes should lead to court, they can be settled through alternative dispute resolution means. And when all else fails, the court might just be the best option. Evaluate critically, and think about what is best for your business.
Featured Image Source: Verity Legal Partners
Got a suggestion? Contact us: editor@connectnigeria.com
Related
You might also like:
This article was first published on 2nd December 2021
grace-christos
Grace Christos Is a content creator with a proven track record of success in content marketing, online reputation management, sales strategy, and so much more.
Comments (0)
