Schedule of ARBITRATION COSTS of the Vietnam International Arbitration Centre (VIAC)
Conciliation
Update: 3/1/2017 | 4:26:06 PM - Dragon Law Firm
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Conciliation is an alternative out-of-court dispute resolution instrument.
Conciliation is a voluntary, flexible, confidential, and interest based process. The parties seek to reach an amicable dispute settlement with the assistance of the conciliator.
Conciliation process is flexible, allowing parties to define the time, structure and content of the conciliation proceedings. These proceedings are rarely public. They are interest-based, as the conciliator will when proposing a settlement, not only take into account the parties' legal positions, but also their; commercial, financial and/or personal interests.
Advantages of conciliation:
1. Autonomy: The parties can choose the timing, language, place, structure and content of the conciliation proceedings.
2. Expertise of the decision maker: The parties are free to select their conciliator. A conciliator does not have to have a specific professional background. The parties may base their selection on criteria such as; experience, professional and / or personal expertise, availability, language and cultural skills. A conciliator should be impartial and independent.
3. Time and cost efficiency: Due to the informal and flexible nature of conciliation proceedings, they can be conducted in a time and cost-efficient manner.
4. Confidentiality: The parties usually agree on confidentiality. Thus, disputes can be settled discretely and business secrets will remain confidential.
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