Either party may abandon a mediation at any stage prior to the signing of an agreed settlement. This procedure combines, sequentially, both mediation and expedited arbitration or standard arbitration. Where the parties agree to submit to the procedure, they must first endeavor to resolve the dispute through mediation. Arbitration Arbitration is a private, voluntary and confidential procedure involving the adjudication of rights, in accordance with the applicable law, by a tribunal of one or more arbitrators that has the power to render a decision that is final and binding on the parties. In contrast to mediation, once the parties have freely agreed to submit a dispute to arbitration, a party cannot unilaterally withdraw from the arbitration.
Arbitration is particularly appropriate in international contracts.
This is a form of arbitration in which certain modifications are introduced to ensure that the arbitration can be conducted and an award rendered in a shortened time frame and, consequently, at a reduced cost. The most effective way to resolve a dispute through one of the above processes is on the basis of a set of institutional rules. The WIPO Center's Rules have been developed by international experts and are considered to be particularly appropriate for commercial disputes involving information technology and intellectual property. To defray the costs associated with the administration of the above dispute resolution procedures and to remunerate the arbitrators and mediators, the Center requires the parties to pay a fee. The Center's fees are considered to be the lowest among the major international dispute resolution service providers.