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WIPO Fintech Arbitration Overview

Posted by Steve Vondran | May 02, 2022 | 0 Comments

Attorney Steve® Technology Law Essentials - Fintech Disputes & Arbitration ("WIPO")

Fintech WIPO arbitration

 

Introduction

The Fintech (Financial Technology) sector is smoldering hot with new startups and new financial technologies.  This is literally a new revolution aided by the growth of blockchain and cryptocurrency.  But what happens when there is a dispute in the development process?  Many times, agreeing to ARBITRATE FINTECH DISPUTES can be a wise choise to avoid costly and (PUBLIC) litigation.  The World Intellectual Property Organization ("WIPO") offers a forum where Fintech Disputes can be arbitrated or mediated (see options below), which can be helpful to a startup business.   If you need representation in a technology or software dispute, contact us to discuss by filling out the contact form or calling us at (877) 276-5084.

What are some of the more well-known "Fintech Companies"?

  • Visa
  • Mastercard
  • Ant Financial
  • Paypal
  • Intuit
  • Stripe
  • Coinbase
  • Nubank
  • FTX
  • Robinhood
  • Tencent
  • Ripple
  • Gemini
  • SoFi
  • Credit Karma
  • Anchorage Digital
  • Adyrn
  • BlueVine
  • SpotOn
  • Nium

WIPO Fintech Arbitrations

World Intellectual Property Organization 

Notes that you can create your agreements where the following types of suggested disputes might be resolved:

Selected Areas of Dispute

  • IP/IT licensing
  • software development agreements
  • software maintenance agreements
  • service level agreements
  • outsourcing
  • joint ventures
  • performance (e.g., payment)
  • terms and conditions
  • data / analytics
  • interconnection issues
  • application programming interfaces (APIs)
  • mobile apps
  • artificial intelligence
  • blockchain / DLT
  • smart contracts
  • IP infringements

They also note the potential types of stakeholders that may want to consider arbitration clauses in their agreements.

Potential Stakeholders to Dispute

  • banks, financial institutions
  • marketplaces
  • start-ups
  • software developers and programmers/ Dapp developers
  • ICT companies
  • account servicing payment service providers (ASPSPs)
  • third party service providers (TPPs)
    • payment initiation services providers (PISP)
    • account information service providers (AISP)

WIPO offers various types of dispute resolution proceedings:

An informal consensual process in which a neutral intermediary, the mediator, assists the parties in reaching a settlement of their dispute, based on the parties' respective interests. The mediator cannot impose a decision. The settlement agreement has force of contract. Mediation leaves open available court or agreed arbitration options.

A consensual procedure in which the parties submit their dispute to one or more chosen arbitrators, for a binding and final decision (award) based on the parties' respective rights and obligations and enforceable under arbitral law. As a private alternative, arbitration normally forecloses court options.

An arbitration procedure that is carried out in a short time and at a reduced cost. The arbitral tribunal shall normally consist of a sole arbitrator.

A multi-tiered dispute resolution procedure that combines mediation and arbitration.

A multi-tiered dispute resolution procedure that combines mediation and expedited arbitration.

WIPO Expedited Arbitration Clause

On their page, they discuss a WIPO sample expedited arbitration clause you can put in your agreements with Fintech partners and service providers that can create a contractual obligation to arbitrate any Fintech related discputes.  By way of example, here is one such clause

Any dispute, controversy or claim arising under, out of or relating to this contract and any subsequent amendments of this contract, including, without limitation, its formation, validity, binding effect, interpretation, performance, breach or termination, as well as non-contractual claims, shall be referred to and finally determined by arbitration in accordance with the WIPO Expedited Arbitration Rules. The place of arbitration shall be [specify place]. The language to be used in the arbitral proceedings shall be [specify language]. The dispute, controversy or claim shall be decided in accordance with the law of [specify jurisdiction].

Coinbase Arbitration Agreement

Here is a look at Coinbase and thier terms of service.

Dispute ResolutionPLEASE BE AWARE THAT SECTION 7 (CUSTOMER FEEDBACK, QUERIES, COMPLAINTS, AND DISPUTE RESOLUTION) AND APPENDIX 5 OF THIS AGREEMENT, CONTAIN PROVISIONS GOVERNING HOW TO RESOLVE DISPUTES BETWEEN YOU AND COINBASE. AMONG OTHER THINGS, APPENDIX 5 INCLUDES AN AGREEMENT TO ARBITRATE WHICH REQUIRES, WITH LIMITED EXCEPTIONS, THAT ALL DISPUTES BETWEEN YOU AND US SHALL BE RESOLVED BY BINDING AND FINAL ARBITRATION.  APPENDIX 5 ALSO CONTAINS A CLASS ACTION AND JURY TRIAL WAIVER.  PLEASE READ SECTION 7 AND APPENDIX 5 CAREFULLY.

An example of an arbitration clause for Coinbase (although not apparently WIPO as the chosen venue).

Cotact Vondran Legal® - IP & Technology Law Firm

About the Author

Steve Vondran

Thank you for viewing our blogs, videos and podcasts. As noted, all information on this website is Attorney Advertising. Decisions to hire an attorney should never be based on advertising alone. Any past results discussed herein do not guarantee or predict any future results. All blogs are written by Steve Vondran, Esq. unless otherwise indicated. Our firm handles a wide variety of intellectual property and entertainment law cases from music and video law, Youtube disputes, DMCA litigation, copyright infringement cases involving software licensing disputes (ex. BSA, SIIA, Siemens, Autodesk, Vero, CNC, VB Conversion and others), torrent internet file-sharing (Strike 3 and Malibu Media), California right of publicity, TV Signal Piracy, and many other types of IP, piracy, technology, and social media disputes. Call us at (877) 276-5084. AZ Bar Lic. #025911 CA. Bar Lic. #232337

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