In contract dispute resolution, the
average time to resolve a commercial contract dispute at the Court in Vietnam,
even with the help of dispute lawyers in
Vietnam whom know well the process would take long time through
multiple proceedings. This period will last longer if there is a foreign party
in the dispute, including service of notarization,
legalization, authentication (or apostile) the documents.
According to World Bank statistics, the cost of resolving a commercial dispute
at the Court accounts for about 29% of the contract value (including attorneys’
fees, court fees, judgment execution fees).
The practice of
resolving the dispute case at the Court appears to face many challenges of time
lengthening and possible effective enforcement leading to cost of time and
money. Therefore, the selection of dispute resolution in the mediation center
is a possible option to resolve this issue.
Vietnam
authorities and international agencies have taken active measures needed to
promote the application of commercial mediation in international contracts, in
order to resolve issues more quickly and effectively in international trade
disputes. The application of commercial dispute resolution at mediation centers
in Vietnam will save time and costs for dispute resolution. In addition, the
dispute resolution at the mediation center will also help the parties maintain
the relationship for future business transactions.
Until Aug 2019,
in Vietnam, there are 7 commercial mediation centers licensed by the Ministry
of Justice with a team of domestic and international certified mediators and
lawyers who can contribute to resolving disputes in international trade contracts.
The use of mediation centers in the settlement of disputes in Vietnam
with the help of lawyers in Vietnam will help the parties to find common
grounds and together save cost, time, keep confidentiality of the dispute and
could continue to do business with each other.
ANT Lawyers is a Law firm
in Vietnam with international standards, recognized by Legal500, IFLR1000. We
are an exclusive Vietnam member of Prea Legal, the global law firm network
coverig more than 150 juridictions. The firm provides a range of legal
services as following to multinational and domestic clients.
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