What Is An Arbitration :
Arbitration is a method of resolving disputes outside of court. Parties refer their disputes to
an arbitrator who reviews the evidence, listens to the parties, and then makes a decision.
Arbitration clauses can be mandatory or voluntary, and the arbitrator’s decision may be
binding or nonbinding.
And,
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to
one or more arbitrators who make a binding decision on the dispute. In choosing
arbitration, the parties opt for a private dispute resolution procedure instead of going to
court.
Its principal characteristics are:
Arbitration is consensual
Arbitration can only take place if both parties have agreed to it. In the case of future
disputes arising under a contract, the parties insert an arbitration clause in the relevant
contract. An existing dispute can be referred to arbitration by means of a submission
agreement between the parties. In contrast to mediation, a party cannot unilaterally
withdraw from arbitration.
The parties choose the arbitrator(s)
Under the WIPO Arbitration Rules, the parties can select a sole arbitrator together. If they
choose to have a three-member arbitral tribunal, each party appoints one of the arbitrators;
those two persons then agree on the presiding arbitrator. Alternatively, the Center can
suggest potential arbitrators with relevant expertise or directly appoint members of the
arbitral tribunal. The Center maintains an extensive roster of arbitrators ranging from
seasoned dispute-resolution generalists to highly specialized practitioners and experts
covering the entire legal and technical spectrum of intellectual property.
Arbitration is neutral
In addition to their selection of neutrals of appropriate nationality, parties are able to
choose such important elements as the applicable law, language and venue of the
arbitration. This allows them to ensure that no party enjoys a home court advantage.
Arbitration is a confidential procedure
The WIPO Rules specifically protect the confidentiality of the existence of the arbitration,
any disclosures made during that procedure, and the award. In certain circumstances, the
WIPO Rules allow a party to restrict access to trade secrets or other confidential
information that is submitted to the arbitral tribunal or to a confidentiality advisor to the
tribunal.
The decision of the arbitral tribunal is final and easy to enforce :
Under the WIPO Rules, the parties agree to carry out the decision of the arbitral tribunal
without delay. International awards are enforced by national courts under the New York
Convention, which permits them to be set aside only in very limited circumstances. More
than 165 States are party to this Convention.
Aishwarya Says:
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
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In the year 2021, we wrote about 1000 Inspirational Women In India, in the year 2022, we would be featuring 5000 Start Up Stories.