Intellectual property is still an individual’s property even though it is not a physical substance. Since it is not a physical substance, it can be a bit harder to protect. Individuals should take the proper steps to document their intellectual property and have it protected with intellectual property rights. To gain these rights, they should consider their options depending on what concept they wish to claim as their own.
When they are faced with a situation where they are fighting over intellectual property, they can enter into dispute resolution to avoid bringing the matter to litigation. This can help them save time and money by not having to enter into the court system. Through arbitration and mediation, parties can resolve issues by themselves and with the help of third parties to avoid litigation.
What is arbitration?
Through arbitration, opposing parties can meet to reach an agreement with one another. This process is binding and confidential. Arbitration includes a panel of attorneys that will be present throughout the process. These attorneys will be highly skilled in the area that is being disputed upon. This can be intellectual property. The attorneys, known as the arbitrators, will hear each side of the case. After hearing both sides from each party, they will decide on the matter. Their decision is binding and cannot be appealed once it is made.
How does mediation work?
Individuals also have the option to participate in mediation sessions. Mediation is a process where the two disputing parties meet with a neutral third party. This neutral third party will act as a mediator throughout the process. The two parties are still able to bring their attorneys along with them. Parties can discuss the issue that is at hand and try to come to a resolution together. This can require a lot of cooperation on both sides since you will need to work together toward resolving the issue. The mediator does not decide on the issue for you. They simply just guide the conversation along to ensure that it is productive. When parties enter into mediation, they have the ability to end the process at any time. If they are not happy with the way things are going, they can opt to end mediation.
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