Commercial arbitration is a method of dispute settlement agreed upon by the parties and conducted in accordance with the Law on Commercial Arbitration. The parties to the dispute resolve disagreements and conflicts through the arbitrator as an independent third party, making judgments that the parties must perform.

Therefore, Hong Bang Law would like to send to clients some information about the method of resolving commercial disputes through arbitration and the services we provide.

Features of the Arbitration method

Advantages

• During the settlement process, the will of the parties is always respected. The parties have the freedom to choose an arbitration center, an arbitrator and determine the arbitration procedure in order to most effectively resolve the arising disputes with little cost in terms of both time and money.
• Arbitration procedures applied to disputes in commercial activities are simpler, the parties can be proactive about the time and place of dispute settlement to help speed up the dispute settlement time; Arbitration procedures do not go through as many levels of trial as in courts, so it saves time and money for businesses.
• The arbitrator respects the confidentiality of information (confidentiality) for the entire process, the arbitration session is also conducted in public, the parties to the dispute can ensure their reputation in the marketplace.
• An arbitral award is similar to a court judgment in that it is final and binding on the parties.

Disadvantages

• Because of promoting cooperation and self-reconciliation of the parties, the outcome of the settlement depends on the attitude; goodwill of the disputing parties. If the parties are too rigid, it will be difficult to work and lead to a Court for settlement.
• When there is an arbitration decision, the enforcement of the award depends on the goodwill and cooperation of the parties because the coercion here is poor. The arbitrator’s award may be subject to review by the court. An arbitral award may be annulled at the request of a party

Dispute settlement process by arbitration

Step 1: Consider the statute of limitations for initiating arbitration for dispute settlement

• Pursuant to Article 33 of the 2010 Commercial Arbitration Law, unless otherwise provided by specialized law, the statute of limitations for initiating a lawsuit according to arbitration procedures is 2 years from the time when the legitimate rights and interests of the parties are violated. violate.

Step 2: Submit a petition to request the arbitration center to settle

• After considering the statute of limitations for initiating a lawsuit, the parties have the right to file a lawsuit and send it to the Arbitration Center to request dispute settlement. Where a dispute is settled by ad hoc arbitration, the plaintiff must make a petition and send it to the defendant.
• Where the disputing parties have reached an arbitration agreement and one party initiates a lawsuit at the Court, the Court must refuse to accept it, unless the arbitration agreement is invalid or the arbitration agreement cannot be performed.
• The respondent has the right to sue the plaintiff on matters related to the dispute. The defendant’s counterclaim must be sent to the Arbitration Center. In case the dispute is settled by ad hoc arbitration, the re-claim must be sent to the arbitration council and the claimant.

Step 3: The arbitration center establishes an arbitration council

• During the settlement process, the parties still have the right to negotiate and agree to terminate the dispute settlement. In case no agreement can be reached, an Arbitral Tribunal shall be established to settle the dispute.

Step 4: Open a dispute resolution session

• A dispute resolution session is opened for the purpose of the parties to conciliate and reach agreement on the settlement of the dispute.
• When the parties reach an agreement on the settlement of the dispute, the arbitration council shall make a record of successful conciliation signed by the parties and certified by the arbitrators.
• The arbitral tribunal shall issue a decision to recognize the agreement of the parties. This decision is final and has the same validity as an arbitral award.

Step 5: Judgment of the Arbitral Tribunal

• When the parties fail to conciliate, the Arbitration Council will resolve the dispute. Dispute settlement results are shown through the arbitral tribunal’s award. When an arbitral award takes effect, the State encourages the parties to voluntarily enforce the arbitral award. If the time limit for enforcement of the award expires, the party awarded the arbitral award has the right to make an application to the competent civil judgment enforcement agency to enforce the arbitral award. For an ad hoc arbitration award, the obligee has the right to make an application to the competent civil judgment enforcement agency to enforce the arbitral award after the award is registered.

Services provided by Hong Bang Law

Lawyers of Hong Bang Law are experts who have all the necessary qualities in negotiating and resolving disputes through arbitration. Our team of lawyers with extensive professional knowledge, and many years of experience participating in the competition dispute resolution, always ready to accompany customers, giving their customers the right and most useful legal help.

With the help and companionship of Hong Bang Law, clients can:

• Receive expert advice, assessment and judgment on the dispute.
• Choosing the right enterprise dispute resolution method for the situation.
• Limiting costs incurred, saving time when resolving disputes, and keeping information absolutely confidential.
• To best protect their legitimate rights and interests.
• Limit many legal risks

We provide legal consulting services, support customers to resolve all disputes occurring in all business and commercial fields such as: Buying and selling goods, providing services; lease, lease-purchase; construct; freight; buying and selling bonds and stocks; financial investment, banking; Disputes over intellectual property rights, technology transfer, etc.

Hong Bang Law will accompany customers throughout the dispute resolution process, through the following specific services:

• Advising and assisting customers in choosing dispute settlement methods to ensure the best rights and benefits for customers.
• Advising on the rights and obligations of the parties;
• Consulting to determine the basis for dispute settlement and the legal basis for dispute settlement;
• Exchange and guide customers to collect documents and evidence, provide information
• Advising, preparing to contact and negotiate with related parties in dispute settlement;
• Drafting lawsuit documents for customers
• Representing customers, protecting legitimate interests of customers

Time and cost

Depending on the complexity of each case in practice, the required time and cost for each case vary. Therefore, to receive the most detailed and closest information to your case, please contact Hong Bang Law.

If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com

Wishing you and your family good health, peace and success!

Best regards!