COMMERCIAL MEDIATION is a method of commercial dispute resolution agreed upon by the parties and supported by a commercial mediator at VTIAC to mediate and assist in resolving disputes in accordance with the law. The entire process and information of the mediation process is strictly confidential.
When a successful mediation result is achieved through the commercial mediation dispute resolution procedure, the parties can voluntarily carry out the successful mediation result without having to carry out any further procedures. However, to ensure that each party will perform its obligations under a successful mediation, the parties may also ask the court to recognize the successful mediation. The outcome of successful mediation through a court-recognized commercial mediation dispute resolution procedure may be enforceable as a valid court judgment or arbitral award. Mediation results are considered and recognized in accordance with the civil procedure law. The results of successful conciliation through dispute resolution procedures by commercial mediation are considered for recognition according to the regulations on recognition of successful mediation results out of court.
ADVANTAGE OF MEDIATION
- Mediation procedures are carried out quickly and without restriction and save time.
- The parties have the right to decide for themselves, to choose any person to mediate as well as the location to conduct the mediation, so that a mediator can find a mediator with expertise in the matter in dispute;
- Friendly mediation in order to continue to preserve and develop business relationships for the benefit of both parties, so in general, it does minimum harm to the inherent cooperation relationship of the parties;
- Can secure business secrets and dispute issues.