Arbitration agreement means an agreement between contracting parties to settle by arbitration a dispute which may arise or has arisen, which often exists in commercial contract. This agreement allows the contracting parties to settle the dispute without any interference from the court. The following article shall detail the legal regulations about arbitration agreement in international purchase and sale contract.
Advantages and disadvantages of using arbitration agreement:
The purposes of using arbitration aggreement in the international purchase and sale contract:
The form of arbitration aggreement in the international purchase and sale contract contract: An arbitration agreement must be in writing or equivalent form, including fax, telegram, e-mail, data messenger…
The contents of arbitration aggreement: Provisions on the application of arbitration to settle disputes and concurrently stipulate arbitration centers or appoint arbitrators to settle disputes. It is also possible to specify the number of arbitrators, language, etc.
Some notices when drafting arbitration agreements:
For further details on how to draft commercial arbitration on an international purchase and sale contract, please contact Viet An Law Firm via email or phone numer below.
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