What alternatives can businesses use instead of going to court?

"Settling disputes by going to court is both expensive and time-consuming. Even if the case is settled prior to the actual trial, sizable legal expenses can be incurred in preparing for trial. Therefore, many companies now use private arbitration and mediation firms as alternatives to litigation. Private firms offer these services, which are a high growth area within the legal profession. With arbitration, the parties agree to present their case to an impartial third party and are required to accept the arbitrator’s decision. Mediation is similar, but the parties are not bound by the mediator’s decision."