Increasingly, commercial disputes are being resolved through mediation and arbitration.
The use of alternative dispute resolution, such as mediation or arbitration, not only reduces the cost of business litigation, but can also eliminate much of the uncertainty that comes from leaving the resolution of the dispute up to a judge or a jury.
Some examples of commercial disputes that are suited for mediation and arbitration are:
In business litigation matters, forensic accountants are often engaged by either party to act as expert witnesses to provide an independent assessment of the damages being claimed. Forensic accountants also advise legal counsel and their clients on a range of potential losses based on numerous factors and assumptions.
In mediation or arbitration, the forensic accountant can play a similar role by assisting the mediator or arbitrator with understanding technical accounting issues.
Often, forensic accountants are appointed to act as a mediator in complex commercial disputes. Similarly, if a forensic accountant is appointed as an arbitrator, they are well-positioned to help all parties evaluate and reach an agreement on the resolution of a dispute.
It is not uncommon for forensic accountants, in their role as experts, to represent both claimants and respondents. Usually, the parties in such instances are more cooperative and willing to share all the information needed by the forensic accounting expert. As a result, the matter tends to become more factual with less of a need to make assumptions.
Finding the right mediator or arbitrator in a commercial dispute is critical to a successful outcome. A forensic accountant’s set of skills and expertise should not be overlooked; they are highly skilled and are used to devising reconciliation tools tailored specifically to the dispute in question.
The use of alternative dispute resolution, such as mediation or arbitration, not only reduces the cost of business litigation, but can also eliminate much of the uncertainty that comes from leaving the resolution of the dispute up to a judge or a jury.
Some examples of commercial disputes that are suited for mediation and arbitration are:
- Business contract disputes
- Economic damages for breach of contract
- Economic damages for IP infringement
- Royalty payment disputes
In business litigation matters, forensic accountants are often engaged by either party to act as expert witnesses to provide an independent assessment of the damages being claimed. Forensic accountants also advise legal counsel and their clients on a range of potential losses based on numerous factors and assumptions.
In mediation or arbitration, the forensic accountant can play a similar role by assisting the mediator or arbitrator with understanding technical accounting issues.
Often, forensic accountants are appointed to act as a mediator in complex commercial disputes. Similarly, if a forensic accountant is appointed as an arbitrator, they are well-positioned to help all parties evaluate and reach an agreement on the resolution of a dispute.
It is not uncommon for forensic accountants, in their role as experts, to represent both claimants and respondents. Usually, the parties in such instances are more cooperative and willing to share all the information needed by the forensic accounting expert. As a result, the matter tends to become more factual with less of a need to make assumptions.
Finding the right mediator or arbitrator in a commercial dispute is critical to a successful outcome. A forensic accountant’s set of skills and expertise should not be overlooked; they are highly skilled and are used to devising reconciliation tools tailored specifically to the dispute in question.
