As a new technology develops, industry participants often seek to standardize a version of it so that devices exploiting the technology may communicate with one another or be used interchangeably. Creation of and agreement on an industry standard typically allows a greater number of participants to develop the technology and offers consumer benefits by bringing the technology to market rapidly, assuming always that the process occurs in a manner consistent with antitrust or competition laws, without improper collusion.

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Originally published in Contemporary Issues in International Arbitration and Mediation, The Fordham Papers 2013, © Koninklijke Brill NV

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