Singapore dangles more funding in bid to be IP dispute resolution hub

Starting April, parties will get more money if they choose the city-state to host their mediations

Singapore dangles more funding in bid to be IP dispute resolution hub

In a push to be the premier IP dispute resolution hub in the region, Singapore has launched better financial incentives for parties to choose it as host to their mediations.

The Intellectual Property Office of Singapore (IPOS) has announced a boost to its Mediation Promotion Scheme, its funding scheme for dispute resolution matters. In addition to extending the program for three years, IPOS said that it will increase funding available from S$5,500 to S$10,000 up to S$12,000 for each mediation case.

“The updated scheme will benefit businesses and entrepreneurs who opt for mediation as an avenue to resolve their IP disputes in Singapore,” the agency said.

Most Read

The city-state’s effort to be the leading IP dispute resolution hub in the region continues while Asia has stronger growth in IP filings compared to the rest of the world in the decade up to 2017. Filings in the region grew 12.7% in the period, almost double the 7.4% rate worldwide. Singapore’s Mediation Act came into force in November 2017, and while the Singapore Convention on Mediation is expected to be signed this August.

“Innovation is becoming globalised, and increasingly, parties from across different regions have to work together to commercialise their IP. In such an environment, disputes will invariably arise,” said Daren Tang, IPOS chief executive.

“Singapore is already a hub for alternate dispute resolution and this scheme will position us more strongly to be a hub for the mediation of cross-border IP disputes. Local entrepreneurs and enterprises can also tap on this scheme to have a fair and cost-effective avenue for resolving their domestic IP disputes,” he said.

The funding offered by IPOS allows parties to claim for official administration fees of the mediation institution, mediator’s fees, or up to 50% of the parties’ mediation-related agent or lawyer fees.

Recent articles & video

US law school deans commit to training advocates for democracy

Afghanistan Independent Bar Association in Exile joins International Bar Association Council

UK study reveals challenges faced by bereaved families at inquests

HWL Ebsworth unveils board of partners

Seven ascend to Hall & Wilcox partnership in huge promotions round

W+K makes Asia debut with Singapore office

Most Read Articles

NSW justice system welcomes new judges

New chair takes the lead at Barry Nilsson

HWL Ebsworth partner makes the switch to McCullough Robertson

Ashurst boosts Perth office with strategic partner hires