What kind of dispute resolution is available for joint venture disputes?

In South Dakota, there are a variety of dispute resolution mechanisms available for joint venture disputes. In some cases, the parties involved may be able to negotiate an amicable settlement among themselves without outside assistance. At times, the parties may choose to mediate, which is a process whereby a third-party mediator will assist the parties in resolving their differences. If the parties are unable to reach an agreement and the joint venture agreement does not provide for any other method of dispute resolution, then the parties may need to resort to litigation. Litigation is a process whereby the parties present their case to a judge or jury and allow the court to decide the outcome. The decision of the court is legally binding and is enforceable by law. Depending on the nature of the dispute, the parties may wish to consider arbitration. Arbitration is a less formal process wherein the parties present their case to an impartial arbitrator who will render a decision based on the evidence presented. The decision of the arbitrator is binding and enforceable in the courts. In certain circumstances, the parties may wish to consider non-binding dispute resolution methods such as collaborative law or alternative dispute resolution (ADR). These methods involve the assistance of a third-party neutral who will assist the parties in negotiating a resolution to their dispute. The decision of the parties is not binding and is not enforceable by law. However, these methods can be helpful in resolving disputes quickly and without the need for expensive litigation.

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