In addition to settlement of disputes at a relevant court as before, arbitration is becoming a more and more preferred method of dispute settlement in Vietnam selected by the Parties.
I. Advantages of commercial dispute resolution by arbitration
Arbitration has a lot of outstanding advantages, bringing many benefits to the parties when there is a dispute in their business and commercial activities, specifically as follows:
- Firstly, the arbitration procedures are flexible, convenient for the parties when they do not have to participate in many levels of trial. The parties are free to choose the arbitral proceedings which are also simpler than those in Court.
- Secondly, the right to select an arbitrator to resolve disputes allows the parties to choose experts with professional experience and practice in the subject of disputes, reputable to become arbitrators to resolve disputes of the parties and ensure the quality of final judgments.
- Third, arbitration respects the confidentiality of the whole process. The arbitration meeting is not conducted in an open manner, which is different from proceedings of Court’s public trial. Thus, the parties can preserve their reputation in the marketplace.
II. Conditions for a dispute settled by Arbitration
In order to resolve a dispute by arbitration:
- The dispute must fall under the jurisdiction of Arbitration; and
- There must be Arbitration agreement existing in a contract which can be made before or after a dispute occurs.
The arbitration agreement is completely independent of the contract. Any change, modification, cancellation of the contract, even invalid or unenforceable clauses shall not invalidate the arbitration agreement.
III. Arbitration lawyer in Vietnam
Disputes settled by arbitration are often complex and require participants not only to have professional knowledge, but also to comply with a strict procedural process. Therefore, in order to maximize the protection of their legitimate rights and interests, clients should be advised by a qualified lawyer.
Should Clients need further information on arbitration in Vietnam, feel free to contact ALB & Partners Law Firm. With a team of experienced arbitration and dispute resolution lawyers, we take pride in ourselves as appreciated by Clients as one of the prestigious law firms in the field of arbitration in Vietnam.
To find out more about our law firm’s services, please contact us via email: [email protected].