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Serdes I2C communicate with FPD-Link III

Hi all

    I have a question about I2C communication between Serdes, below is the communication diagram from AN-2173

 I totally understand the i2c bus collision and arbitration, but I'm wondering what if the bus collision happens between

Serializer and Deserialize, what may happen? 

Is the arbitration still working inside FPD-Link III?