Page 50 - QUEST-IP (Final)_Neat

Arbitral Awards of 1958 (“The New York Convention”), requires
member states to enforce foreign arbitral awards without scrutinizing
its merits. Bangladesh is a signatory to the New York Convention
and hence, foreign arbitral awards are binding for all purposes on the
persons as between whom it was made, and may accordingly be relied
on by any of those persons by way of defence, set off or otherwise in any
legal proceedings in Bangladesh and shall be enforced in the manner as
if it were a decree of the court (s. 45 of Arbitration Act 2001).

Nevertheless, it should be borne in mind that ADR is not a suitable/
preferred mode if the parties are seeking to achieve goals which may
only be obtained through the process of litigation. Thus, for example,
if the party is seeking to obtain a legally binding precedent, in that
scenario, litigation stands as the better and more suitable option and
ADR may not prove to be an effective mode of dispute resolution.

The arising of any IP dispute between the parties is likely to hinder
the commercialization and proper use of the IPR. ADR modalities
effectively provide ways of resolving disputes in an efficient, cost-
effective and quick manner, thereby preserving the business relationship
of the parties. ADR can thus be considered as an efficacious and fruitful
mode of resolving IP disputes.

48 | QUEST : Intellectual Property