Nowadays, dispute resolution by arbitration is a method of resolving commercial disputes agreed upon by the parties and conducted in accordance with the law in the Commercial Arbitration Law. This form is increasingly applied by companies due to its less time-consuming and accuracy as well as form of high confidentiality.
What is commercial arbitration?
Commercial arbitration is a form of jurisdictions which power is created by dispute relations itself, replacing the form of dispute settlement by court. Based on the principle of respecting the parties’ right to self-determination, the law stipulates provisions that exclude the jurisdiction of the courts once the parties have chosen arbitration.
Commercial arbitration has many advantages such as simple, flexible procedures under the agreement that may help the parties resolve the dispute as soon as possible. Dispute resolution by arbitration is confidential that protect corporate secrets resulting in business results.
There are two types of commercial arbitration:
– Ad-hoc arbitration means the process in which the parties come to negotiation to settle the dispute. This is the earliest and most widely used arbitration form in the world.
– Permanent arbitration is organized in the form of arbitration centers. It is a non-governmental organization having its legal status, official seal, bank account and head office.
Dispute resolution by lawyer at commercial arbitration
Nowadays, the demand for company cooperation is growing quickly in both local and abroad under the form of written legal agreement. At the moment, there are 4 types of dispute resolutions: negotiation, mediation, arbitration and court. However, dispute resolution by lawyer at commercial arbitration is privileged due to the following reasons:
– Dispute resolution by lawyer at commercial arbitration saves more time comparing to the court (Since the court has two levels of jurisdiction namely first instance and appellate, cassation or retrial may be added). The arbitration procedure is much easier, the process is flexible and dynamic.
– The right of selection in Commercial Arbitration is highly appreciated. The parities have the right to select arbitration centers and arbitrators. In addition, if there is an international element dispute, the parties have the right to agree on the selection of the arbitration institution, venue, language used during the trial and applicable law.
– Being highly confidential in order to protect the interests of the litigants in court in addition to protecting the interests of the litigants
– Highly integrated since the arbitration law in Vietnam requires recognition and enforcement of foreign countries if one of the parties is a member state of the New York Convention 1958. The judgment of Vietnamese courts can only be recognized and implemented in a few countries that have signed reciprocal agreements with Vietnam.
SB LAW – A law firm with years of experience in resolving disputes at international arbitration.
SB LAW Law Firm is proud with 40 lawyers and legal experts at Hanoi and Ho Chi Minh City Office, a team of experienced lawyers specializing in resolving disputes at international arbitration.
Our law firm has a network of legal partners who are well-known lawyers all over the world. We provide advice on variety of areas: Investment advisory, banking and finance, intellectual property, dispute resolution by lawyer at commercial arbitration.
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Hotline: 0904.340.664 – Chat Zalo
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Address: 18th Floor, Center Building, Hapulico Complex, No. 85, Vu Trong Phung, Thanh Xuan District, Hanoi.
Hotline: 0904.340.664 – Chat Zalo
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