To resolve their dispute over profit sharing, Thabo and John can consider the following methods:
1. **Negotiation:** They can sit down and discuss their perspectives, bringing up their points of view and trying to find a compromise. This method allows them to have a direct conversation and potentially reach a mutually beneficial agreement.
Advantages:
- Encourages communication and understanding between partners.
- Allows for a personalized solution that considers both parties' needs.
Disadvantages:
- May require compromise from both sides.
- Might not lead to a clear resolution if they cannot come to an agreement.
2. **Mediation:** They could involve a neutral third party to help facilitate the discussion and guide them towards finding a resolution. The mediator does not make decisions but assists in finding common ground.
Advantages:
- Provides an unbiased perspective.
- Helps maintain a positive relationship between the partners.
Disadvantages:
- Relies on the willingness of both parties to participate.
- Outcome is not legally binding unless a formal agreement is reached.
3. **Arbitration:** If negotiation or mediation fail, they can opt for arbitration where a third party arbitrator makes a decision that both partners agree to abide by. The process is more formal and the decision is binding.
Advantages:
- Offers a final decision when the partners cannot reach an agreement.
- Provides a clear resolution without the need for lengthy court procedures.
Disadvantages:
- Can be costly depending on the complexity of the case.
- Limits the control the partners have over the final decision.
By considering these methods, Thabo and John can choose the one that best suits their situation and helps them resolve their dispute effectively.
