Dispute resolution by commercial arbitration in Vietnam shall be carried out in 02 forms, which are institutional arbitration and ad hoc arbitration. Institutional arbitration means a form of dispute settlement at an arbitration center. So, how is this procedure regulated?
In order to simplify dispute resolution procedures to bring optimal benefits, many people choose to resolve disputes at the Commercial Arbitration Center instead of the Court. The following content will help Customers better understand commercial arbitration.
When entering into a contract to purchase and sell goods, the parties have goodwill in cooperating and doing business with each other. However, the occurrence of disputes and conflicts during the implementation process is inevitable. So, what is a dispute on goods purchase and sale contracts and which form of resolution shall apply, arbitration or court?
According to Vietnam’s regulations, arbitration agreement means an agreement between the parties to settle by arbitration a dispute which may arise or has arisen. An arbitration agreement may be made in the form of an arbitral clause in a contract or in the form of a separate agreement.
This is the recommendation of Prof. Dr. Le Hong Hanh on the legal framework for commercial arbitration at the Conference on "Effective use of commercial arbitration in Vietnam and Korea" organized by Vietnam International Arbitration Center (VIAC) in collaboration with Korean Commercial Arbitration Board (KCAB) and Seoul International Dispute Resolution Center (Seoul IDRC) on July 13.
Arbitrator means a person selected by the parties or designated by an arbitration center or a court to settle a dispute under the Law on Commercial Arbitration 2010 of Vietnam. So, how are criteria of arbitrators regulated?
The Law on Commercial Arbitration 2010 of Vietnam was promulgated on June 17, 2010, of which one of the notable contents is the regulation on rights and obligations of arbitrators.
Arbitration agreement means an agreement between the parties to settle by arbitration a dispute which may arise or has arisen. The Law on Commercial Arbitration 2010 of Vietnam specifies cases of invalid arbitration agreements.
Commercial arbitration means a mode of dispute settlement agreed by the parties and to be conducted under the Law on Commercial Arbitration 2010 of Vietnam.
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