Can Tho City has one more branch of the Commercial Arbitration Center

On October 5, the APEC Vietnam International Commercial Arbitration Center launched a branch in Can Tho City, contributing to helping the business community in the Mekong Delta region have another organization to resolve disputes.

As our country increasingly integrates into the economy through bilateral free trade agreements, disputes inevitably arise, not only between entities entering into domestic and foreign commercial contracts, but also disputes during production and business activities...

At that time, businesses often seek out agencies and organizations with dispute resolution functions to resolve disputes effectively and quickly, avoiding huge losses for businesses, and commercial arbitration is a dispute resolution mechanism with many advantages.

Nowadays, commercial arbitration is global and is a method of dispute resolution that is quite popular in the world , especially in countries with developed market economies.

According to Dr. Tran Vang Phu, Deputy Director of the APEC Vietnam International Commercial Arbitration Center, Can Tho City Branch, for a dispute to be resolved by arbitration, the parties must have an arbitration agreement. The arbitration agreement can be made before or after the dispute arises.

In case a party to an arbitration agreement is an individual who dies or loses his/her capacity for civil acts, the arbitration agreement remains valid for that person's heir or legal representative, unless the parties have agreed otherwise.

In case a party to an arbitration agreement is an organization that must cease operations, go bankrupt, dissolve, consolidate, merge, divide, separate or convert its organizational form, the arbitration agreement remains valid for the organization that takes over the rights and obligations of that organization, unless the parties have agreed otherwise.

APEC Vietnam International Commercial Arbitration Center, Can Tho City Branch was established to contribute to creating favorable conditions for businesses in resolving commercial disputes.

Meanwhile, Arbitrator Nguyen Ngo Quang Nhat - Director of the Long An branch of this Center, said that commercial arbitration is a method of dispute resolution with many advantages. In particular, dispute resolution by arbitration has only one level of trial, arbitration proceedings are quick and flexible. The decision of the arbitrator is final.

Along with that, the arbitration award is binding on the parties and is also guaranteed to be enforced by the civil enforcement agency as with a court judgment.

An arbitration agreement may be established in the form of an arbitration clause in a contract or in the form of a separate agreement. The forms of arbitration agreements are stipulated in Clause 2, Article 16 of the Law on Commercial Arbitration.

Based on the principle of dispute resolution by arbitration, the arbitrator must respect the agreement of the parties if such agreement does not violate prohibitions and is not contrary to social ethics. Dispute resolution by arbitration is conducted in private, unless the parties have agreed otherwise.

“This is an outstanding advantage of the form of settlement through commercial arbitration because the parties can still carry out transactions without revealing information or business secrets, affecting the reputation of the enterprise,” Mr. Nhat pointed out.

Source: https://www.nguoiduatin.vn/tpcan-tho-co-them-mot-chi-nhanh-trung-tam-trong-tai-thuong-mai-a629783.html