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Methods of resolving commercial disputes suitability is a factor that contributes to ensuring the legitimate rights and interests of the parties. Choosing the optimal method not only helps resolve disputes quickly and effectively but also saves time and costs. This article will provide information about popular commercial dispute resolution methods, as well as factors to consider to choose the most suitable method.
Commercial disputes are conflicts and disagreements that arise between parties participating in commercial activities, affecting the legitimate rights and interests of the parties. According to the provisions of Clause 1, Article 3 of the Law on Commercial 2005:
“Commercial activities are activities aimed at making a profit, including buying and selling goods; providing services; investing; trade promotion and other activities for profit purposes.”
Thus, commercial disputes include disputes arising from activities of buying and selling goods, providing services, investing, promoting trade… in which at least one party in the dispute is a trader or other organizations and individuals involved in commercial activities.
Negotiation is a dispute resolution method in which the parties directly meet, discuss, and agree with each other to resolve the dispute themselves. This method has the following advantages and disadvantages:
Advantage:
Disadvantages:
Commercial mediation is a dispute resolution method in which the parties rely on a neutral third party (mediator) to assist the parties in finding solutions, negotiating and reaching a mutual agreement. The mediator acts as a mediator, encouraging the parties to dialogue and find mutually beneficial solutions.
Advantage:
Disadvantages:
Commercial arbitration is a dispute resolution method chosen by the parties, conducted by the Arbitration Council according to the provisions of the Law on Commercial Arbitration 2010. The parties have the right to choose the arbitrator, the place of arbitration and the applicable law. The arbitral award is as binding as a court judgment.
Advantage:
The decision is binding and cannot be appealed.
Disadvantages:
The Court is the State’s judicial agency, with authority to resolve commercial disputes at the request of the parties. The Court’s ruling (judgment, decision) has the highest legal effect and is guaranteed to be enforced.
Advantage:
Disadvantages:
To choose the appropriate commercial dispute resolution method, customers need to consider the following factors:
Thus, based on the advantages and disadvantages of the methods as well as the factors to consider that we have informed above, customers can choose the appropriate and effective method of resolving commercial disputes.
Long Phan provides professional and effective commercial dispute resolution support and consulting services, including:
Choosing the appropriate commercial dispute resolution method is very important, directly affecting the rights and interests of the disputing parties. Customers need to carefully consider relevant factors to choose the most optimal method. If you need detailed advice, please contact the hotline: 0906735386 to get the best support from Long Phan.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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