ARBITRATION MATTERS IN THE SUPREME COURT OF INDIA
Arbitration is a process where a dispute is brought before one or more arbitrators chosen by both parties, resulting in a final and enforceable decision on the dispute. By selecting arbitration, the parties decide on a private method of resolving disputes rather than pursuing litigation.
Its principal characteristics are:
Arbitration is consensual
Arbitration is only possible when both parties have mutually agreed to it. If there are any disagreements in the future regarding a contract, the parties will include a clause for arbitration in the contract. A current disagreement can be taken to arbitration through a submission agreement made by the parties involved. In arbitration, unlike mediation, one party is not able to withdraw on their own.
The parties choose the arbitrator(s)
Both parties can mutually select one arbitrator together. If a party chooses a three-member arbitral tribunal, they each pick one arbitrator and those two select the presiding arbitrator together. The Center also has the ability to suggest arbitrators with the required abilities or choose members of the arbitral tribunal on their own. The Center has a diverse group of arbitrators, which includes generalists as well as specialists in intellectual property law and technology.
Arbitration is neutral
Along with choosing neutral arbitrators from the right country, parties can also select key aspects like the governing law, arbitration language, and location. This enables them to guarantee that no team has an advantage over playing at home.
Arbitration is a confidential procedure
The rules specifically safeguard the privacy of the arbitration's existence, disclosures made during the process, and the award. Under specific situations, parties are permitted by the WIPO Rules to limit the availability of trade secrets or confidential data provided to the arbitral tribunal or a confidentiality advisor to the tribunal.
The decision of the arbitral tribunal is final and easy to enforce
According to the WIPO Rules, the parties commit to implementing the award of the arbitration panel promptly. National courts uphold international awards according to the New York Convention, allowing them to be overturned only in rare cases. Over 165 states have signed this Convention.
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