Intellectual property (IP) can add much value to a business. For example, your innovations and ideas are two forms of IP that may provide you with a substantial edge over your competitors.
You may have already created legal protections to safeguard your business IP, but that doesn’t always prevent the misappropriation of such property. Patent infringement and trade secret theft plague many business owners in Florida, regardless of their legal protections.
What are the possible benefits of arbitration?
According to the World Intellectual Property Organization (WIPO), arbitration is becoming the preferred remedy for IP disputes. Here are some potential advantages of using arbitration to resolve IP issues.
- Confidential: Arbitration proceedings are confidential, which may shield your business secrets from public exposure.
- Flexible: The parties can agree on the rules and procedures for the arbitration, tailoring them to the specific elements of the dispute.
- Speedy: Arbitration usually empowers the parties to resolve the matter faster than through litigation.
Another reason many prefer arbitration is because it usually costs less than courtroom proceedings. Often, this is a particular consideration in international IP disputes as the expense of litigating them can be prohibitive.
Who oversees the process of arbitration?
Entrepreneurs can benefit from working with an experienced arbitrator in any business dispute, including an IP controversy. Look for an arbitrator who can remain neutral throughout the proceedings to avoid a biased outcome. Someone with proven experience and a track record of success usually indicates you have chosen well in a neutral arbitrator.
Do not undervalue your IP or assume it is not worth fighting to protect. Even something that seems minor, such as the unlawful use of your branding materials (logo, etc.), can devalue your business and affect your current and future business success.