Dilemmas of Dealing in Good Faith
A fine man once said, “Human is a social animal”. It is quite appropriate when it comes to dealings in the business environment. Some professionals believe that a business is not only about the profit it makes, but more about the relationships it maintains. In the competitive culture of corporate world, when everyone wants to be on top, working collaboratively is one of the biggest challenges. As a consequence of this challenge, let’s say, not all relationships end on a happy note. As legal and corporate professionals and experts, PrivateCourt is trying to make business relationships happy. Let’s know how!
Maya has been a business client of PrivateCourt for years now. While in the process of setting up her manufacturing firm, she got to know about us through one of the Law firms. We have been monitoring all of her legal activities and have successfully instilled an all comprehensive Arbitration Clause as a part of her dealing. One of her friends, Spriha, had recently opened her own online shopping platform and was in talks with Maya for collaboration. Being friends for a long time now, they both were enthusiastic to execute this project. The project got finalised and on the terms decided in good faith and so, no physical contract was entered into. Maya was to get undecided percentage of the profit earned by Spriha through her portal. The products were decided and finally, the range was launched on the online store! With the help of Maya’s already existing goodwill and some additional marketing expenses, the collection started getting brilliant response and was bombed with several orders every day. When the stock was on the verge of finishing, both the entrepreneurs felt like it was a good time to restock and also discharge payment to Maya. Spriha discharged 10% of total profits as payment to Maya online, but Maya was expecting 20%. That is where the seed of conflict was sown. Both the parties had a clash of interests and couldn’t reach at a common solution. What could be done so as to keep the friendship but also resolve the conflict?
The answer lies with PrivateCourt! Maya conveyed the situation directly to us and about her dilemma that how going to civil court will affect her personal and professional relationship. On understanding the whole situation and gathering the details, PrivateCourt resorted to solving the conflict via negotiation. Both the parties gathered on a digital meeting room and in the presence of an experienced Retainer, negotiated and sorted their conflict. A common percentage was decided upon which made both the parties happy and solved the dispute.
This is a perfect example of what we believe in and impeccably follow at PrivateCourt. We know the importance of corporate relationships and do our part in helping the parties reach at amicable solutions. With the expert Retainers associated with us and the refined procedures of mediation, negotiation and arbitration adopted at PrivateCourt, we attempt at making business and it’s dealings easy!