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Disputes costing small firms £11bn each year
Commercial disputes cost small firms in England and Wales more than £11.6 billion every year, according to a report by the Federation of Small Businesses. The report has revealed that 70% of small firms have faced at least one dispute in the last five years, with each dispute costing an average of £17,000. Almost three quarters (72%) of disputes relate to late or withheld payments. The report has also indicated that informal and semi-formal mediation is the most common method of dispute resolution, identified by 43% of small firms.