The settlement of the dispute may be conducted by the Arbitration council of the determinant Arbitration center or Arbitration council of established by the agreement of the parties.
According to Law on Commercial Arbitration No.54/2010/QH12 on 17 June, 2010, what is the concept of Commercial arbitration? The lawyer of Dragon limited liability Law Firm specializes in dispute resolution in international commercial arbitration talk about the concept of commercial arbitration:
1. Commercial arbitration means a mode of dispute settlement agreed by the parties and to be conducted under Law on Commercial Arbitration.
2. Arbitration agreement means an agreement between the parties to settle by arbitration a dispute which may srise or has arisen.
3. Disputing parties means Vietnamese and foreign individuals, agencies or organizations that participate in arbitral proceedings in the capacity as plaintiffs and defendants.
4. Dispute involving foreign elements means a dispute arising in commercial relationships or other legal relationships involving foreign elements as defined in the Civil Code.
5. Arbitrator means a person selected by the parties or designated by an arbitration center or a court to settle a dispute under the Law on Commercial Arbitration 2010.
6. Institutional arbitration means a for, of dispute settlement at an arbitration center under the Commercial Arbitration Law 2010 and rules of proceedings of such arbitration center.
7. Ad hoc arbitration means a form of dispute settlement under Law on Commercial Arbitration and the order and procedures agreed by the parties.
8. Venue for dispute settlement means a place in which an arbitration council settles disputes which is selected as agreed by the parties or as decided by the arbitration council if the parties have no such agreement. Is a venue for dispute settlement is within the Vietnamese territory, the award must be regarded as having been pronounced in Vietnam regardless of the place in which the arbitration council holds a meeting to issue such award.
9. Arbitral decision means a decision of the arbitration council issued during the process of dispute settlement.
10. Arbitral award means a decision of the arbitration council settling the entire dispute and terminating the arbitral proceedings.
11. Foreign arbitration means an arbitration formed under a foreign law on arbitration and selected as agreed by the parties to settle a dispute outside or within the Vietnammese territory.
12. Foreign arbitral award means an award pronounced by a foreign arbitration outside or within the Vietnamese territory which is selectes as agreed by the parties to settle their disputes.
Dragon limited liability Law Firm provides legal services relating to Viet Nam international commercial arbitration!
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