Resolving commercial disputes by Commercial Arbitration

Currently, when a commercial dispute occurs, in addition to resolving by the process of legal proceedings in court, resolving disputes by Commercial Arbitration is a form of settlement used by investors and businesses.

The content of this article is the conditions for resolving disputes by commercial arbitration and the form of commercial arbitration agreement.

1.Conditions for settling commercial disputes by commercial arbitration

According to Clause 1, Article 5 of the  Commercial Arbitration Law 2010, disputes are settled by Arbitration if the parties have an arbitration agreement. The arbitration agreement may be made before or after the dispute has occurred. Thus, the condition to resolve a dispute by arbitration is to have an arbitration agreement.

The arbitration agreement may be a dispute settlement clause stated in the contract or a separate agreement, which can be an annex attached at the time of signing the contract or signed by the parties after the dispute arises. dispute in the form prescribed in Article 16 of the Commercial Arbitration Law 2010. Thus, when the dispute has occurred and the parties want to resolve it through the mode of commercial arbitration, then they can make an agreement. agree to arbitrate in the form of law and fully meet the conditions of the validity of an arbitration agreement. There is no need for prior agreement in the contract for the trader to resolve the dispute by commercial arbitration.

2. Forms of arbitration agreement include:

a) The agreement is established by exchanging between parties by telegram, fax, telex, email and other forms as prescribed by law;

b) Agreement is established through the exchange of written information between the parties;

c) Agreement recorded in writing by a lawyer, notary public or competent organization at the request of the parties;

d) In the transaction, the parties refer to a document expressing an arbitration agreement such as contracts, documents, company charter and other similar documents;

d) Through discussion of the lawsuit and the self-defense which expresses the existence of the agreement made by one party and the other does not deny.

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