In international trade,
when drafting international contracts, the parties usually focus on the terms
of payment and expense but little attention to terms of dispute settlement.
Thus, the parties should be aware that the disagreements and disputes can arise
at any time. Therefore, in the process of concluding an international economic
agreement, the parties should note the provisions on the selection methods of
dispute settlement if a dispute occurs. Currently, there are 4 dispute
resolution methods in international trade as follows: negotiation, mediation,
commercial arbitration and court.
Negotiation
Negotiation is a
settlement method which is usually applied in international dispute settlement.
In particular, the parties discuss together, struggle, compromise and agree to
settle the dispute. The result of the negotiation is that the dispute could be
resolve or not. Negotiation is conducted in two ways: The two parties directly
meet each other to discuss and deal or one party submit complaint to the other
party and the other party answers the complaint.
Mediation
Mediation is the method
of resolving dispute between the parties through the role of a third party.
Mediation can be accomplished by two ways: One is that the parties agree with
each other about mediation, the mediator will be designated and conduct the
mediation without following any rules of mediation. The second way is that the
parties agree to conduct the mediation under rules of a professional
organization or one specific arbitration institution, such as mediation rules
of the International Chamber of Commerce (ICC).
Commercial
arbitration
Arbitration is a method
of dispute settlement arising in trade activities that are agreed between the
parties and carried out according to the order and proceedings. Presently,
there are kinds of arbitration such as: ad hoc arbitration and permanent arbitration.
Court
The 3 dispute
settlement methods above are voluntary in nature. They are different from the
dispute settlement in accordance with judicial procedures at court. The
settlement of dispute by court is to resolve dispute through the activities of
the State tribunals. Therefore, litigants in the dispute are often considered
as a final solution to protect their legitimate interests. Especially, when
there is a conflict, the parties will choose the form of trade negotiation or
mediation rather than commercial arbitration or court.
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