Methods of Dispute Settlement in International Trade

Methods of Dispute Settlement in International Trade

When drafting international contracts in international trade, the parties typically pay little attention to the terms of dispute resolution and instead focus more on payment and expense terms. As a result, both parties ought to be aware that disagreements and disagreements can occur at any time. As a result, the parties to an international economic agreement ought to pay attention to the provisions regarding the various options for resolving disagreements in the event of one. There are currently four methods of dispute settlement in international trade: negotiation, mediation commercial arbitration, and court.

Negotiation

In international dispute resolution, negotiation is typically used as a method of resolution. Particularly, the parties talk together, fight, come to an agreement, and settle the dispute. The dispute may or may not be resolved as a result of the negotiation. There are two methods used in negotiations: The two parties meet in person to discuss and negotiate, or one party submits a complaint to the other and the other responds.

Mediation

Mediation is a process in which a neutral third party helps the disputing parties reach an agreement. There are two methods for mediating: One is that the parties are in agreement regarding mediation, that the mediator will be chosen, and that the mediation will be conducted without following any mediation rules. The subsequent way is that the gatherings consent to direct the intervention under rules of an expert association or one explicit discretion establishment, for example, intercession rules of the Worldwide Office of Trade (ICC).

Commercial arbitration

Arbitration is a method for resolving disputes arising from trade activities that parties agree upon and are carried out in accordance with the order and procedures. Currently, there are several types of arbitration, including: permanent arbitration and ad hoc arbitration.

Court

The three above methods of dispute resolution are voluntary. They are distinct from dispute resolution in accordance with court procedures. Disputes should be resolved through the efforts of state tribunals, not by court settlement. As a result, litigants in the dispute are frequently viewed as the ultimate means of safeguarding their legitimate interests. In particular, parties will choose trade negotiation or mediation over commercial arbitration or court when there is a conflict.

ANT Lawyers, a Vietnam-based law firm, regularly informs clients about the status of dispute resolution in international trade cases. We have dispute lawyers in Hanoi, Da Nang and Ho Chi Minh City with qualification and experience to assist client to resolve dispute in Vietnam.

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Dispute Settlement in International Trade

In international trade, when drafting international contracts, the parties usually focus on the terms of payment and expense but little attention to terms of dispute settlement. Thus, the parties should be aware that the disagreements and disputes can arise at any time. Therefore, in the process of concluding an international economic agreement, the parties should note the provisions on the selection methods of dispute settlement if a dispute occurs. Currently, there are 4 dispute resolution methods in international trade as follows: negotiation, mediation, commercial arbitration and court.

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Negotiation

Negotiation is a settlement method which is usually applied in international dispute settlement. In particular, the parties discuss together, struggle, compromise and agree to settle the dispute. The result of the negotiation is that the dispute could be resolve or not. Negotiation is conducted in two ways: The two parties directly meet each other to discuss and deal or one party submit complaint to the other party and the other party answers the complaint.

Mediation

Mediation is the method of resolving dispute between the parties through the role of a third party. Mediation can be accomplished by two ways: One is that the parties agree with each other about mediation, the mediator will be designated and conduct the mediation without following any rules of mediation. The second way is that the parties agree to conduct the mediation under rules of a professional organization or one specific arbitration institution, such as mediation rules of the International Chamber of Commerce (ICC).

Commercial arbitration

Arbitration is a method of dispute settlement arising in trade activities that are agreed between the parties and carried out according to the order and proceedings. Presently, there are kinds of arbitration such as: ad hoc arbitration and permanent arbitration.

Court

The 3 dispute settlement methods above are voluntary in nature. They are different from the dispute settlement in accordance with judicial procedures at court. The settlement of dispute by court is to resolve dispute through the activities of the State tribunals. Therefore, litigants in the dispute are often considered as a final solution to protect their legitimate interests. Especially, when there is a conflict, the parties will choose the form of trade negotiation or mediation rather than commercial arbitration or court.

ANT Lawyers – Arbitration law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or service request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

Source ANTLawyers: https://antlawyers.vn/library/dispute-settlement-in-international-trade.html

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Dispute Settlement in International Trade

In international trade, when drafting international contracts, the parties usually focus on the terms of payment and expense but little attention to terms of dispute settlement. Thus, the parties should be aware that the disagreements and disputes can arise at any time. Therefore, in the process of concluding an international economic agreement, the parties should note the provisions on the selection methods of dispute settlement if a dispute occurs. Currently, there are 4 dispute resolution methods in international trade as follows: negotiation, mediation, commercial arbitration and court.

 

Dispute law firm in Vietnam

Negotiation

Negotiation is a settlement method which is usually applied in international dispute settlement. In particular, the parties discuss together, struggle, compromise and agree to settle the dispute. The result of the negotiation is that the dispute could be resolve or not. Negotiation is conducted in two ways: The two parties directly meet each other to discuss and deal or one party submit complaint to the other party and the other party answers the complaint.

Mediation

Mediation is the method of resolving dispute between the parties through the role of a third party. Mediation can be accomplished by two ways: One is that the parties agree with each other about mediation, the mediator will be designated and conduct the mediation without following any rules of mediation. The second way is that the parties agree to conduct the mediation under rules of a professional organization or one specific arbitration institution, such as mediation rules of the International Chamber of Commerce (ICC).

Commercial arbitration

Arbitration is a method of dispute settlement arising in trade activities that are agreed between the parties and carried out according to the order and proceedings. Presently, there are kinds of arbitration such as: ad hoc arbitration and permanent arbitration.

Court

The 3 dispute settlement methods above are voluntary in nature. They are different from the dispute settlement in accordance with judicial procedures at court. The settlement of dispute by court is to resolve dispute through the activities of the State tribunals. Therefore, litigants in the dispute are often considered as a final solution to protect their legitimate interests. Especially, when there is a conflict, the parties will choose the form of trade negotiation or mediation rather than commercial arbitration or court.

ANT Lawyers – Arbitration law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or service request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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