ABSTRACT
To listen to lawyers, one could be forgiven for thinking that all business transactions are doomed to end in a legal dispute. Nothing could be further from the truth. The fact is that the vast majority of business transactions are carried through without any dispute arising. If problems do occur, these are often resolved amicably, to the mutual satisfaction of the parties involved. Such an outcome is particularly important if the overriding objective is to develop an ongoing business relationship or maintain one that is already established. Occasionally, however, a situation may occur which is not amenable to 237informal resolution. In this case, if the issue is not of major significance, the aggrieved party may decide to overlook it as not worth pursuing in terms of time, money and effort. On the other hand, the conduct complained of may be so provocative or involve such severe financial consequences that it cannot be ignored. In this case, there may be no alternative other than to resort to a more formal method of dispute resolution.
