Have you ever heard of another dispute resolution method other than dispute resolution by a traditional Thai court?
Nowadays, business disputes are inevitable. When they arise, choosing an efficient, fair, and confidential dispute resolution method is crucial. Imagine a business dispute. Traditionally, you might think of a courtroom, a judge, and a government officer. However, there’s another, often more efficient and private, method to resolve such conflicts: arbitration is considered one of the most favorable dispute resolution methods.
Instead of going to court, you and the other party agree to let a neutral third party, known as the arbitrator or a panel of arbitrators who act as a private judge through the Arbitration method, decide the outcome of your dispute. This process is often quicker and more flexible than traditional litigation by hearing both sides of a dispute and making a decision. This decision, called an award, is legally binding, making it a reliable option for individuals and businesses alike.
How does arbitration differ from traditional Thai court litigation?
Arbitration, as a private and alternative dispute resolution method, presents a compelling alternative instead of litigation. Moreover, it is typically less formal than litigation and can be tailored to the parties’ specific needs. If the cost, time frame, more simplified process, and confidentiality are significant concerns, disputing the settlement through arbitration may be a more attractive option.
Then how many arbitration institutes are in Thailand?
There are three Arbitration Institutes operating and administering arbitral proceedings in Thailand. The International Court of Arbitration is an organization that resolves international commercial disputes under the auspices of the International Chamber of Commerce (ICC). ICC arbitral proceedings are governed by internal rules, which apply to all ICC proceedings globally.
The Thailand Arbitration Center (THAC) is an alternative dispute resolution organization offering arbitration and mediation services for cross-border disputes. It was established in Thailand and commenced its operation in 2015.
Finally, the Thai Arbitration Institute (TAI) was established locally in Thailand to promote and develop arbitration as a dispute settlement mechanism for civil and commercial matters.
Our firm can guide you.
Our law firm specializes in dispute resolution through arbitration. From drafting arbitration agreements to representation during proceedings, we provide end-to-end services tailored to your needs. Let us simplify the complexities and help you achieve fair, timely resolutions. If you have any questions, feel free to contact us at info@vizecounselor.com or call us at +66 (0)2-124-5932.
