| THE STANDING COMMITTEE OF NATIONAL ASSEMBLY ----- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------- |
| No: 08/2003/PL-UBTVQH | Hanoi, February 25, 2003 |
ORDINANCE
ON COMMERCIAL ARBITRATION
(No. 08/2003/PL-UBTVQH of February 25, 2003)
(No. 08/2003/PL-UBTVQH of February 25, 2003)
In order to contribute to settling disputes arising from commercial activities, ensure the rights to business freedom, protect the rights and legitimate interests of the involved parties, and develop the market economy along the socialist orientation;
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under the Xth National Assembly’s Resolution No. 51/2001/QH10 of December 25, 2001 at its 10th session;
Pursuant to the XIth National Assembly’s Resolution No. 12/2002/QH11 of December 16, 2002 at its second session on the law- and ordinance-making programs for the 11th term (2002-2007) and for 2003;
This Ordinance provides for commercial arbitration,
Chapter I
GENERAL PROVISIONS
Article 1.- Scope of regulation
This Ordinance provides for the arbitration organization and procedures for settling disputes arising from commercial activities as agreed upon by the involved parties.
Article 2.- Interpretation of terms
In this Ordinance the following terms are construed as follows:
1. Arbitration is a mode of settling disputes that arise from commercial activities, which is agreed upon by the involved parties and carried out according to the proceeding order and procedures prescribed by this Ordinance.
2. Arbitration agreement is an agreement between the involved parties pledging to settle through arbitration disputes which may arise or have arisen in commercial activities.
3. Commercial activities means the performance of one or many trading acts by business people or organizations, including goods purchase and sale, service provision; distribution; trade representation and agency; consignment; renting and lease; hire purchase; construction; consultancy; technology; licensing; investment; financing; banking; insurance; exploration and exploitation; transport of goods and passengers by air, sea, rail, land , and other commercial acts as prescribed by law.
4. Disputes involving foreign elements are those arising from commercial activities with one participating party or all participating parties being foreigners, foreign legal persons, or those with the bases for establishing, changing or terminating disputed relationships arising abroad or with involved properties situated abroad.
5. Arbitrators are those who satisfy all conditions specified in Article 12 of this Ordinance, are selected by the involved parties or appointed by Arbitration Centers or competent courts to settle disputes.
6. Relatives are those who belong to the three inheritance ranks prescribed by the Civil Code.
7. Force majeure events are events occurring objectively, unforeseeably and irremediably though every possible necessary measure has been taken
Article 3.- Principles for dispute settlement through arbitration
1. Disputes shall be settled through arbitration if the involved parties reach an arbitration agreement before or after the disputes arise
2. When settling disputes, arbitrators must be independent, objective and impartial, comply with law and respect the involved parties’ agreement.
