The purpose of this paper is to expound on a few topics related to business law and help highlight their benefits. It is also the purpose of the paper to discuss the various aspects used in business law to bring them to a more clear understanding in the said subject.
The term business law can be used to define the governing body or structure put in place to protect business and commercial transactions. Since it services a broader audience these laws can be applied to fit both in public and private business or corporations. Likewise many successful companies that are run today or large corporations that have succeeded, all have used such laws to help them resolve and run their affairs effectively.
Business law is a very vital organ in any given organization due to the role it plays. For instance there may come a time in a business when conflict and dispute erupts. During such times the company may depend on a good set of laws to save them from their predicament. There are a number of techniques that businesses can use to resolve conflict when it occurs. Some of these can include: negotiations, arbitration, medication and conciliation. These have been known to provide effective help when people are looking for a proper way to resolve conflict.
Negotiation is a powerful way that can be used by almost everyone. Whith the help of it businesses can reach a common understanding within the parties involved. For instance a business or a company that deals with cars can decide to employ someone with negotiation skills through their sales people to make the customer buy cars of their company. Negotiation can also be termed ideal since it gives both the clients and the business person enough time before they reach understanding.
In arbitration this is when different people that are in disagreement arrive to a conclusion that is legally binding to them. Usually a third party can be included to help the two opposing sides find a common ground. In a real life situation arbitration can be employed when a business violates the rights of their customers by failing to fulfil a given promise. This could include things like: free warrant, after sale service and gifts. Everything can be solved through this means.
Mediation is another common method used to settle conflict or difference among two people. This usually involves a third party that tries to help the two opposing sides to find a lasting solution. At given times the mediator can decide to come up with a fair solution option that will favor both parties. On a real situation this method can be considered convenient and cheap for the people involved. Example, when a problem erupts in a family business the right person to mediate such a case would be someone outside the family. His verdict will be impartial and unbiased.
In conciliation it is when the parties involved seek the services of a conciliator who listens their cases separately in order to help them find a fair settlement. These people are highly skilled in the practice and use their skills to help to the opposing parties. Unlike mediation the purposes of this method seeks to conciliate all the issues to come up with effective help for the parties. When there is a problem between a senior person and his junior in a work environment, so in such a case consulting a conciliator will be the best way out.
Having gone through all the techniques that are used in helping people solve their problems, l think negotiation qualifies for being the best one that can be used. It uses communication and common understanding to arrive at a lasting common ground. I would recommend it since it’s cheap unlike following a legal course which may involve many people.