Commercial Arbitration
Business arbitration is used to settle commercial disputes when there is an arbitration agreement in place before, during, or after the dispute occurs. Disputes between parties emerging from commercial activities are referred to as “disputes” in this section; disputes occurring between parties in which at least one party has commercial operations, as well as other disputes between parties as provided by law, should be handled by arbitration. At the same time, using an arbitration center to settle a dispute provides a number of advantages, which are as follows:
- Firstly, arbitration methods used to business conflicts are easier, more convenient, and faster than court proceedings, exhibiting flexibility and procedural flexibility. The parties can be proactive in deciding when and where to settle the issue; arbitration procedures do not require as many stages of trial as courts, saving disputing parties time and money;
- Secondly, the ability to select an arbitrator to resolve conflicts enables the parties to select a good, experienced, and profoundly learned arbiter from whom they may resolve the disagreement mortgages that are quick and precise;
- Thirdly, the arbitrator maintains information confidentially throughout the process, and the arbitration meeting is also held in accordance with the concept of non-public arbitration, which aids the parties in maintaining their market image in the context of sensitive financial difficulties, business-related information;
- Fourthly, the arbitral tribunal’s jurisdiction is formed via the parties’ voluntary agreement and does not rely on governmental power that demonstrates adaptability, which is a good way for resolving problems with foreign forces;
- Finally, the arbitral award shares the same qualities as the court’s verdict in that it is final and binding on the parties;
VIETSAVVY is happy to have successfully represented numerous clients in arbitration matters in commercial arbitration centers in Vietnam, thanks to a staff of highly skilled and experienced lawyers. Legal services that VIETSAVVY provides to customers include:
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- Consulting and representing customers to participate, resolve disputes at arbitration centers, and settle disputes in the negotiation and conciliation stages;
- Receiving authorized representatives for customers as plaintiffs/defendants to participate in all stages of proceedings at the arbitration center;
- Drafting and consulting arbitration terms in commercial contracts to ensure the legal rights and interests of customers;
- Representing or collaborating with customers to resolve legal concerns arising from the implementation of commercial arbitration judgements;
- Sending lawyers to engage in preserving consumers’ rights at commercial mediation centers in Vietnam during the case-settling procedure;
- Advising clients on next steps when the Arbitration Council renders a ruling.
