In the course of business, commercial disputes are an unavoidable risk for enterprises. However, not all disputes need to be brought before the court. Commercial arbitrator It is currently the dispute resolution method chosen by many businesses due to its flexibility, confidentiality, and high efficiency.
With experience in advising and supporting businesses in numerous disputes, FundGo Law provides consulting solutions and assistance in resolving disputes tailored to the specific issues faced by businesses.
What is commercial arbitration?
Commercial arbitration is a dispute resolution method based on the agreement of the parties. Accordingly, disputes are resolved by an arbitration panel instead of a court. Arbitration awards are final and binding and are enforced in accordance with the law.
According to the Vietnam Commercial Arbitration Law, this method is commonly applied in disputes arising from commercial activities, business contracts, investments, and the sale and purchase of goods and services within and outside the country.
Characteristics of commercial arbitration
Here is a method of dispute resolution based on agreement, with many features distinct from the court adjudication mechanism. Key features include:
- The basis for dispute resolution is the agreement between the parties. Commercial arbitration shall only be applied when the parties have a valid arbitration agreement, established in writing either before or after the dispute arises.
- High independence and flexibility. The parties shall have the right to choose the arbitrators, arbitration center, venue, language, applicable law, and rules of procedure appropriate to the nature of the transaction.
- Information security. The dispute resolution process is not public, helping businesses protect their trade secrets, reputation, and commercial relationships.
- The judgment is final. Arbitration awards are not subject to appeal or objection, creating stability and finality in dispute resolution.
- Suitable for commercial disputes, particularly those involving foreign elements. This form is widely recognized in international trade and has a mechanism for recognition and enforcement of judgments in many countries.
See more: Professional legal services for foreigners in Vietnam
Why do many businesses choose commercial arbitration?
Compared to court proceedings, commercial arbitrator bringing many clear advantages to businesses, such as:
- Quick resolution time, limiting prolonged disputes
- Protect business information, avoid damaging the company's reputation
- Flexible procedures, negotiable regarding location, language, and applicable law
- Arbitrators with deep expertise and understanding of the field of dispute
- Applicable to disputes involving foreign elements
FundGo Law's consulting and support services
FundGo Law provides comprehensive legal services related to dispute resolution through commercial arbitration, including:
- Consultation on selecting an appropriate dispute resolution method
- Drafting and reviewing arbitration clauses in contracts
- Assessing legal risks before and during disputes
- Corporate representatives participating in arbitration proceedings
- Supporting the enforcement of arbitral awards in accordance with the law
Contact FundGo Law for in-depth consultation from our team of lawyers and legal experts. We help you resolve disputes effectively using modern methods.
