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Similarities to arbitration:
Focus on settlement: Similar to arbitration, conciliation prioritizes reaching a
settlement over simply improving communication
Differences from arbitration:
Non-binding outcome: Unlike arbitration where the decision is binding,
conciliation results in a non-binding agreement between the parties.
They retain the freedom to reject the proposed solution.
Arbitration
Arbitration is a dispute resolution process where parties agree to submit a dispute
to one or more arbitrators who make a binding decision, opting for private
resolution instead of going to court.
An arbitrator, a legal professional or expert, hears arguments from both parties and
issues a final, binding decision on a dispute, which is enforceable in court, similar
to a judge's ruling.
Arbitration follows stricter procedures than mediation and may involve lawyers
presenting cases.
The process for choosing an arbitrator depends on the specific circumstances of
your arbitration agreement and any applicable arbitration rules
Characteristics of arbitration
Arbitration is neutral
Arbitration is a confidential procedure
The decision of the arbitral tribunal is final and easy to enforce
Arbitration is neutral
Parties can choose neutrals of appropriate nationality, relevant law, language, and
arbitration venue, ensuring no home court advantage, by selecting neutrals of
appropriate nationality and ensuring appropriate neutrality.
Arbitration is a confidential procedure
The WIPO Rules safeguard the confidentiality of arbitration, disclosures, and
awards, allowing parties to restrict access to trade secrets or other confidential
information submitted to the arbitral tribunal or a confidentiality advisor, under
certain circumstances.
The decision of the arbitral tribunal is final and easy to enforce
The WIPO Rules require parties to promptly execute arbitral tribunal decisions,
while the New York Convention enforces international awards through national
courts, allowing only limited exceptions, and over 165 states are members of this
convention.