OCTOBER 2013

Legal Focus

69

Power to the outsider -

Widely seen as a preferable alternative method of dispute resolution, Arbitration is the process by which parties involved in a dispute allow an impartial third party to determine the solution. Arbitration is an integral tool in relationship maintenance within business across the world.

D

ispute in business is inevitable. It is an integral part of growing a business, succeeding within it, and maintaining that success. It is how disputes are

handled that matters.

Disputes can arise from almost any area of business – intellectual property related disputes such as copyrights, patents and trademarks; contract

issues and

employment disputes. However, despite the inevitability, the extent to which any disputes spread and the extent to which they affect your business, reputation and profit, can be controlled. By consulting experienced and skilled legal experts, disputes may not always be avoided entirely, but they can be navigated effectively and a solution beneficial to all involved is more likely to be settled.

In the current economic climate, it is vital for companies to resolve disputes in ways which

are both cost-effective and commercially- oriented. Traditional litigation is not always the most appropriate method of resolving commercial differences and it is becoming increasingly more important for clients to be aware of all techniques available. In addition, as cross-border projects are becoming a more frequent activity amongst businesses, international arbitration is also becoming more and more popular. Reasons for this include the fact that it offers a reliable and neutral environment that is often preferable to litigation in an unfamiliar jurisdiction.

Over the next few pages, Lawyer Monthly takes a look at the issues surrounding arbitration and the advantages and disadvantages of such a process by speaking to two professionals who are highly skilled and experienced in this practice area. LM

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