Consulting arbitration agreements in the international commodity purchase contracts
What is an arbitration agreement?
An arbitration agreement is a term that is often included in international commercial contracts when the contracting parties agree not to choose the court as the place to settle disputes in the performance of the contract.
An arbitration agreement is an agreement between the parties to choose an arbitrator as the agency to settle commercial disputes, either in a provision in a contract or a separate document. An arbitration agreement exists independently of the contract, has no binding value when it is absent or expires, cannot be enforced, or is not applicable.
The advantages when choosing the form of arbitration:
• The procedure is simple, fast, cost-effective, and convenient for the parties to agree on time, place, arbitration to resolve the dispute, not going through many stages of trial like the court.
• Non-public dispute resolution, ensuring confidential information between contracting parties
• Consistent with the settlement of disputes involving foreign elements, because the arbitration is based on the will of parties other than an agency in the name of State power.
The role of the arbitration agreement in international sales contracts:
• An arbitration agreement in an international sale and purchase contract demonstrates the binding parties in the choice of a dispute settlement method by arbitration. As such, this is a ground that allows the exclusion of interference from the court, unless due to the arbitration’s decision or void arbitration agreement.
• Give the arbitrator the authority to resolve the dispute, which is the basis for the effective arbitral award.
Why choose Private Law Firm to support arbitration agreement consultation
Private Law Firm is one of the leading law firms in Vietnam with a team of specialized lawyers with many years of experience and extensive knowledge in Law, Finance, Real Estate, Economics, Commercial, … With the ability to solve jobs quickly, efficiently, and enthusiastically. We will provide useful advice and the best, earliest, safest, and most effective solution suitable for each customer.
Understanding customer needs, PRIVATE LAW CO., LTD provides a service “Consultation on arbitration agreements in international commodity purchase contracts” to help clients troubleshoot:
• Counseling on legal conditions and procedures;
• Advice notes in setting arbitration terms
• Advice on principles of commercial dispute resolution in commercial arbitration
• Drafting documents, assisting clients in preparing records;
• Representing customers to perform procedures at state agencies;
• Supporting clients in service-related jobs.
With committed powers and responsibilities, PRIVATE LAW CO., LTD with a team of experienced lawyers and leading experts in the field of participation in litigation, litigation representation, personal legal advice and businesses, domestic and foreign investment consulting, business management consulting, … will advise and comprehensively solve customer requirements. We always ensure reasonable consulting service fees, in line with the interests of the parties.
Please do not hesitate to contact us for more information to be supported and consulted:
LUAT SU RIENG (LSR) LAW FIRM
Address: no. 16 Nguyen Quy Canh Street, An Phu Ward, District 2, Ho Chi Minh City
Hotline: 1900252503. Press No. 3
Email: [email protected]