International commerce has long been viewed as part of the integrating process into the world economy. The opportunities and positive impact of international trade are undeniable, but along with the increasing trend of international trade disputes. Businesses will suffer the losses in profit, time, and effort to implement the settlement disputes on international commerce. Moreover, disputes on international commerce are becoming more diverse and complex. Therefore, in this article will mention about Disputes on international commerce and things to note to provide information to the reader for reference.
- Firstly, In relation to the method of dispute settlement, the parties may choose the methods of dispute settlement such as negotiation, conciliation, arbitration and the courts. It should be noted that in any stage of dispute settlement, mediation and negotiation are always the preferred method of application for dispute settlement based on the goodwill of the disputing parties.
- Secondly, one thing should be noted in article “Disputes on international commerce and things to note” is the statute of limitations for initiating a lawsuit. The parties in the dispute should take note of the statute of limitations for initiating a lawsuit to ensure their right to initiate a lawsuit or request the jurisdiction to apply the provisions on the statute of limitations for initiating a lawsuit in order not to accept the plaintiff’s petition.
- Thirdly, related to agencies and countries competent to settle disputes. From the very beginning, the subjects involved in international trade transactions can come from one or more different countries. Therefore, it is common for the parties to agree, select the agency and the country competent to resolve the dispute before entering into the transaction and stipulate these contents in the contract or after the dispute arises. In case the disputing parties fail to reach an agreement on the agency and the state competent to settle the dispute, depending on the case, the plaintiff may choose the appropriate agency and state competent to settle the dispute to ensure compliance with international trade laws and practices.
- Fourthly, the next note in the article “Disputes on international commerce and things to note” is necessary to consider the applicable content legislation to resolve disputes. The law applicable to the settlement of international trade disputes is national law, international treaties on trade, international trade practices and it is the contracts and documents that the parties have signed. Therefore, theevil party should understand and apply the provisions of the law to take appropriate legal actions and arguments to protect its legitimate rights and interests.
- Fifthly, another important note is the procedural legislation for resolving international trade disputes. Parties to disputes often confuse the law applicable to dispute resolution and the procedural law for resolving disputes. Normally the procedural law will depend primarily on which agency and country have jurisdiction to resolve the dispute. For example, in the event that the parties to the international trade dispute agree to select the Vietnam International Arbitration Center (VIAC) with the arbitration site in Vietnam to resolve the dispute, the procedural law applicable in this case will be Vietnam’s commercial arbitration law and VIAC’s arbitration procedure rules.
Above is an overview of the disputes on international commerce and things to note that we would like to share with you. If you have trouble with legal issues regarding of disputes settlement of contracts for international sale of goods in Vietnam in Vietnam, please contact us.
Phuoc & Partners is a professional consulting firm established in Vietnam and currently has nearly 100 members working in three offices in Ho Chi Minh City, Hanoi and Danang. Phuoc & Partners is also rated as one of the leading consulting firms specializing in business law in Vietnam that has leading practice areas in the legal market such as Labour and Employment, Taxation, Mergers and Acquisitions, Litigation. We are confident to be one of the corporate legal consulting law firms providing the best legal services to customers.
