The need to collect revenue owed to your business has never been more crucial; especially following the pandemic.
Every broker, consultant and supplier has terms and conditions for a reason.
But where do you turn when a contractual agreement is broken, resulting in a loss of revenue to your business?
Leading Alternative Dispute Resolution (ADR) service provider, PreAction explains there are other routes your business can take before legal action. Which often produce more favourable results for both parties.
The Alternative Dispute Resolution process enables your business to resolve a dispute it may be having with a customer, without having to go to court.
64% of disputes have been settled without the need of litigation saving both time, resource, and expense for both sides.
PreAction’s “Settlement on Success’’ or SOS ethos allows for a no-lose situation for their clients, only taking their fee once they achieve a settlement.
Sean Heavisides, Founder and Director of PreAction explains how the closure of his energy consultancy business during the pandemic highlighted the lack of action and urgency towards breached contracts and lost revenues had played a vital role in the business becoming insolvent.
‘’Historically within the energy sector, customer breaches / failing to ‘go live’ and the resulting financial losses were absorbed by the company and went generally unchallenged’’
‘’If our previous practices had been tighter, the result would more likely have been different – The pandemic served as a spotlight on the gaps in our processes.
We’re here to help other similar companies avoid the same problems we faced’’.
Brad Groves, CEO of Great Annual Savings Group, said:
“Until our interactions with PreAction, we had never quite found an effective way to mitigate the losses we had suffered.”
“PreAction is now a valuable partner of ours. We could not recommend them highly enough to other organisations offering brokerage services but also for any contractual dispute issues they may experience.”
Calling on the expertise of their in-house counsel specialising in commercial disputes, PreAction continues to encourage engagement and communication with the parties involved.
The benefit of in-house counsel allows PreAction to deal with issues first-hand. Successfully avoiding the additional cost and resource court proceedings can bring.
So, settling commercial disputes outside of court – What’s the verdict?
PreAction affirms that their services have never been more crucial and needed in this post-pandemic world.
To find more information on how ADR could help your business retrieve lost revenue dating back up to 6 years including contracts failing to go live, mid-term COT’s, overdue invoices, or commercial losses of any kind – visit their website at www.preaction.co.uk, email [email protected] or call 0191 501 8015.
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