Matt Horeczko - What You Need To Know About Arbitration?

Arbitration is a private dispute resolution procedure in which a dispute is submitted to one or more arbitrators who make a binding decision. Rather than going to court, the parties choose arbitration says Matt Horeczko.

The following are its main characteristics:

Confidentiality is one of the essential characteristics of arbitration

There is specific protection in the WIPO Rules for the confidentiality of the arbitration process, any disclosures made during it, and the award itself. The WIPO Rules allow parties to restrict access to trade secrets or other confidential information that is submitted to the arbitral tribunal or the tribunal's confidentiality advisor in certain circumstances.

Consensual arbitration is the most effective form of dispute resolution

In the event of a future dispute arising under a contract, the parties insert an arbitration clause into the contract. Arbitration can only take place when both parties agree to it. As opposed to mediation, arbitration cannot be withdrawn unilaterally by a party in the case of an existing dispute. An arbitration agreement can be used by the parties to refer an existing dispute to arbitration.

Arbitrators are chosen by the parties

The parties can choose a sole arbitrator together under the WIPO Arbitration Rules. If they choose a three-member arbitral tribunal, each party appoints one arbitrator; the two parties then decide who will preside over the arbitration. Alternatively, the Center may suggest arbitrators with relevant expertise or can directly appoint arbitrators. In addition to its extensive roster of arbitrators, the Center hosts experts from all corners of the intellectual property dispute spectrum, ranging from highly specialized experts to experienced generalists.

The arbitration process is neutral

As well as selecting neutrals of appropriate nationality, parties can also choose the applicable law, language, and venue for the arbitration. This ensures that no party has an advantage over another.

Arbitral decisions are final and easy to enforce

In the WIPO Rules, parties agree to implement the arbitral tribunal's decision as soon as possible, says Matt Horeczko. National courts enforce international awards under the New York Convention, which permits them only in minimal situations to be set aside. More than 165 states have signed the Convention.