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Home Q&A Forum How to handle disputes in an asset purchase agreement?

Business Contracts

Asset Purchase Agreement

North Carolina

Asked on Oct 13, 2023

How to handle disputes in an asset purchase agreement?

I am in the process of purchasing a business and the seller and I have agreed on all the major terms of the Asset Purchase Agreement. However, we are having difficulty agreeing on the terms of dispute resolution. We both want to ensure that any disputes arising from the agreement are handled in a timely and cost-effective manner. As such, I am looking for advice from a lawyer on how best to handle disputes in an asset purchase agreement.

1 Attorney answer

Answer

Business Contracts

North Carolina

Answered 258 days ago

N'kia N.

ContractsCounsel verified

Business Lawyer
Licensed in North Carolina
Free Consultation

The 4 main options for dispute resolution in North Carolina are negotiation, mediation, arbitration, and litigation. The best option(s) for dispute resolution will differ depending on such factors as types of claims and amount in controversy. Although clauses requiring private arbitration have become commonplace in business-related contracts, with the exception of small claims, private arbitration through organizations like the American Arbitration Association ("AAA") and the Judicial Arbitration and Mediation Service ("JAMS") often costs the parties as much time and money as litigation. Therefore, it is important to choose your dispute resolution option(s) carefully and not enter into an agreement blindly. A knowledgeable corporate attorney can help evaluate your best option(s) for dispute resolution related to your business purchase agreement and can even draft the relevant contract term(s). Good luck!

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