Over the last couple of years, business integration as well as partnership has become pretty much popular for the fact that out of it come opportunities and prospects. There is a good chemistry in the idea of two businesses working hand in hand that paves the way for raising the bar in terms of productivity and output. Much of that chemistry reflects in good practices which are not unconnected to working toward the primary goal of a partnership, nurturing the relationship by doing things that not only favor one party, but also others and following the laid down arrangements. Compromising those arrangements will result in crisis- commercial litigation crises in particular.
Managing a commercial litigation crisis has been a very big deal for most business folks. And for what it’s worth, it plunges businesses into serious disarray if not complete liquidation. For crisis that cannot be easily settled, the commercial litigation arrangements could be a little lengthy and overwhelming. All in all, the stakes of such cases are high– equity as well as business in the be-all and end-all is on the line. And if you happen to be involved in one, you have to contain the situation by not making any of the mistakes belows:
Don’t wear your heart on your sleeves
Feeling sober is a natural way to react to an ugly situation, but in the face of your feelings which for the most part is fear, wear your courage and let your will prevail. Control you emotions and don’t let them get the best of you. Appear as though everything is fine or under control. Shake off the dust, think positive and think your way out of the situation. You need to be in your right mindset to handle the situation with prudence. Let go of thoughts that will hamper your mental health.
Let go of anger
In commercial litigation crisis, you would want to get angry or show some wroth especially if you feel the other party crosses the line. Anger they say rest in the bosom of an unwise man. As much as you are pissed, you need to control your anger so that it doesn’t make you do what you will regret later. In the best interest of the partnership staying calm and looking for a way to iron things out should be your major concern.
Don’t compromise things
A partnership is a contract formed based on arrangements, terms, conditions and agreements. Under any hood, far as the contract is still valid, breaking any of the terms means comprising or better yet, breaching the contract, an act that is punishable by law as stated in the contract. Don’t compromise any of the initial arrangements of a contract even if it results into chaos otherwise your opponent will have something to hold against you.
Don’t violate the non-compete terms when opting out
During commencement of a partnership, a document known as partnership deed or partnership agreement is officially crafted. In it are outlined the rights and privileges and responsibilities of every party to the contract. Means of exit are also stated in this document. If you feel indifferent to the entire business operation and want to opt, do it right by taking into account all the exit procedures stated in contract. Make certain you don’t violate a non-compete aspect of the agreements.