What are the Arbitration Principles of Dispute Resolution?

What are the Arbitration Principles of Dispute Resolution?

Arbitration, mediation, negotiation, and litigation are all methods of dispute resolution. For disputes to be resolved, a law firm in Vietnam needs dispute lawyers who have the expertise and experience necessary to resolve complex cross-border, commercial, and civil disputes.

The following principles must be followed when settling a dispute in arbitration, according to Article 4 of the Vietnam Law on Commercial Arbitration:

If the parties' agreement does not violate social ethics or prohibitions, arbitration lawyers must respect it.

Arbitrators must be independent, objective and impartial and shall observe law.

Parties in dispute have the same rights and responsibilities. The arbitration council is responsible for establishing the conditions necessary for disputing parties to exercise their rights and fulfill their responsibilities.

Dispute settlement by arbitration shall be conducted in private, unless otherwise agreed by the parties.

The arbitral awards are final.

Discretion has turned into a very famous technique for question goal, as numerous organizations lean toward it over the significant expenses of prosecution.

Arbitration lawyers in Vietnam may also be able to assist clients with a variety of issues, including choosing an arbitrator, choosing the rules for the arbitration, selecting an ad hoc or institutional arbitration, selecting a location for the arbitration, and obtaining the enforcement of the arbitral award.