Derive from arbitration’s dispute settlement principles, arbitration shows many pros and brings many benefits for parties in commercial dispute, specifically as follows:
First of all, different from the court procedure which is stipulated in Civil Procedural Code 2015, to settle civil dispute cases in all kinds of civil relations, arbitration procedures are tailored for commercial disputes to be more applicable.
Parties are facilitated with more autonomy with regards to procedural matters such as time, place, language, governing laws, etc. Moreover, normally, parties choosing arbitration do not have to go through different levels of adjudication, as in the national court system, which helps to save time and money for both side.
Secondly, the right to choose arbitrators to resolve the dispute gives parties the opportunity to select experts with suitable expertise and practical experience to the nature of dispute (insurance, construction, finance, intellectual property, etc). It helps to considerably improve the quality of dispute resolution in comparision with the option of administrative assigment of jugdes at the court.
Thirdly, the entire arbitration process will be kept confidential. Unlike in State Court, arbitration hearing will not be held publicly, therefore, parties can protect and preserve their branding/ reputation. Nowadays, confidentiality is growing attention in the context where financial problems are sensitive and can create great impact, either good and bad, toward entrepreneurs, especially joint stock company.
Fourthly, arbitral tribunal’s jurisdiction derives from parties’ agreement in which is empowered by but not dependent on state power. As a result, arbitration could be flexible in its own way (allows using foreign languages, foreign laws, etc.) and most suitable to disputes with foreign factors.
Last but not least, arbitral award are legally enforceable as court verdict.
Within Vietnam’s territories, VIAC arbitral awards might be sent directly to enforcement agencies (Department of Civil Judgment Enforcement) to be enforced legally.
VIAC arbitral awards also might be recognized and enforced in more than 150 countries and territories which are Contracting State of New York Convention 1958 on the Recognition and Enforcement of Foreign Arbitral Awards.
Arbitration, and typically commercial arbitration, is an Alternative Dispute Resolution (ADR) which is agreed by parties of the dispute. Arbitration can be used to replace the traditional way of litigation in court.
Derive from arbitration’s dispute settlement principles, arbitration shows many pros and brings many benefits for parties in commercial dispute, specifically as follows:
A Polish appeals court vacated an International Chamber of Commerce (ICC) partial award for alleged irregularities in the arbitrator's appointment (for further details please see " ICC award set aside due to irregularities in arbitrator's appointment "). The sole arbitrator's final award was also successfully challenged and set aside. The first reason to vacate the final award was also the issue of the sole arbitrator's appointment.
In Vietnam, it is becoming more common to have an arbitration tribunal constituted under the rules of a foreign arbitration institution (such as the International Chamber of Commerce or ICC) but with the seat in Vietnam. Such a tribunal will conduct the proceeding in Vietnam under the Vietnamese Commercial Arbitration Law ( CAL ).
It is normal to inspect the goods that have been lost or damaged during the performance of the sales contract and in the contract of carriage. However, improper inspection can lead to significant disputes and damages that you can refer to below.
The ten years of Law on Commercial Arbitration 2010 (LCA) are also the 10-year development period of VIAC - the first institutional arbitration organization in Vietnam, the organization that goes along with the formation and advancement of the legal framework of commercial arbitration in Vietnam.
Law on Commercial Arbitration (“LCA”) enacted in 2010 was considered a major step forward for the development of commercial arbitration in Vietnam. Compared with the previous years and with international standards, LCA has made remarkable progress, namely recognizing enterprises’ freedom of choice, broadening the scope of arbitration, raising the arbitral tribunal’s authority, valuing court assistance (especially interim measures enforcement), encouraging flexibility in language of arbitration, and improving party’s autonomy in arbitration while maintaining proper manners during arbitral proceedings.
Mr. Doug Jones, a leading arbitrator in the international arbitration community, revealed to me his infatuation with the beautiful beach and Vietnamese delicacies after a seminar in Da Nang. He was also inspired by the confidence, assertiveness, competence and the ambition to improve domestic arbitrators to the same level as those working in the international sphere of young arbitrators and VIAC Secretaries.
Law on Commercial Arbitration 2010 (LCA)- the procedural law governing arbitration proceedings whose seat is in Vietnam
Nowadays, as the digital economy emerges, electronic agreements on online websites are becoming more and more prevalent; hence, the legal effect of establishing terms and conditions of service when accessing the website (browse-wrap) and clicking (click-wrap) are of particular interest. The following paper analyzes some of the legal aspects of online agreement conclusion, especially the establishment of the arbitration agreement by means of browse-wrap and click-wrap.
Whether settling disputes in Court or through arbitration, when a party has the burden of proof, it must submit evidence to the arbitral tribunal. The evidence can be in many different forms: Document electronic evidence, audio recordings, video recordings, witness statement, etc. In international arbitration practice, especially in complex disputes, a type of evidence that is frequently used by the parties to defend their opinion/request is testimony/report of "expert witness".
In international commerce and investment, parties to a dispute often select arbitration as an alternative dispute resolution other than litigation in which the court, an authorized state agency, adjudicate disputes. An explanation for this phenomenon is that arbitration may be the optimal means that the parties can exercise their autonomy in writing to select one or several individuals who are not representing state agencies and state power (the so-called private parties) to resolve disputes. However, to prevent the possibility of arbitrators "privatizing" justice, [1] the New York Convention and the ICSID Convention set out the rules for annulment of arbitral award when such award violates arbitral proceeding. Here, questions arise. What rules of procedure are violated? And to what extent is the commercial and investment arbitral award annulled? This article seeks to elucidate the theory and practice of annulment for violations of procedure under the New York Convention and the ICSID Convention.
Goods can be consolidated, batched, packed, sorted, and grouped for a certain period of time before being loaded onto a trailer for carriage to the consignee. Disputes about whether the time to do these things are within the scope of insurance liability or not is an issue worth knowing (through the lawsuit with the documents of a foreign law firm) below for readers’ reference.
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