Commercial arbitration means a mode of dispute settlement agreed
by the parties and to be conducted in accordance with law. Arbitration agreement
means an agreement between the parties to settle by arbitration a dispute which
may arise or has arisen. Dispute is settled by arbitration if the parties have
agreed to arbitration.
Arbitration Law Firm in Vietnam
In order for the arbitration agreement to take
effect, what conditions must be met?
The Commercial Arbitration Law 2010 does not specify the conditions for an arbitration
agreement to take effect. However, based on the cases when the
arbitration agreement is invalid, we can draw out the basic conditions for the
arbitration agreement to be effective.
Parties of the agreement: this condition is considered as the most
important when it directly affects the validity of civil transactions in
general and arbitration agreements in particular. Accordingly, the person
establishing the arbitration agreement has civil capacity as prescribed in the
Civil Code 2015.
Jurisdiction of arbitration: the arbitration agreement must belong
to the fields under the jurisdiction of the arbitration. Specifically, it is an
agreement that requests arbitration to resolve disputes between parties arising
from commercial activities; disputes arising between the parties in which at
least one party has commercial activities or other disputes between the parties
as prescribed by law shall be settled by arbitration.
Arbitration agreement form: the arbitration agreement may be
established in the form of an arbitration clause in a contract or in the form
of a separate agreement. The arbitration agreement must be established in the
form of a document prescribed in Clause 2, Article 16 of the Commercial
Arbitration Law 2010, such as an agreement made through communication between
the parties by telegram, fax, telex, email or other forms provided for by law;
agreement is established through the exchange of written information between
the parties; …
The will of the parties when signing: the parties must be
completely voluntary in concluding the arbitration agreement. The parties shall
not be deceived, intimidated or coerced in the process of establishing an
arbitration agreement. The arbitration agreement violates the prohibition of
the law.
In case multiple arbitration agreements are made on the same
dispute, the latest lawful agreement shall apply.
Besides, there are many matters that impact the dispute which
parties should consider and it is important that parties engage with dispute lawyers in Vietnam early
in the dispute stages to review relevant matters and prepare a strategic
approach to the dispute for most effective solution.
ANT Lawyers – as
a law firm in Vietnam always
follow up the Commercial arbitration cases
and their development to update clients on regular basis.
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