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Contract Drafting: Do Not Lose Billions Due to a Vague Clause
When entering into a contract, businesses often focus entirely on the transaction value and the obligations of the parties, inadvertently ignoring a vital element: The dispute resolution clause.
Major Risks of a Loose Dispute Resolution Clause A loose, poorly copied-and-pasted clause can push a business into a deadlock, costing enormous amounts of time and money when disagreements unfortunately occur. Common legal issues include:
Choosing Commercial Arbitration, but the agreement is deemed invalid because it does not strictly comply with the conditions of the 2010 Law on Commercial Arbitration.
Vaguely stating "resolution at Court or Arbitration," which causes both parties to shift responsibility and makes it impossible to determine the final adjudicating authority.
Proactively Building a Clear Dispute Resolution Mechanism Do not wait until a conflict arises to hastily review the contract. Proactively building a transparent and strict dispute resolution mechanism right from the beginning acts as a legal shield to protect your business's rights and cash flow, ensuring the breach handling process is swift and lawful.
Safe Contract Review and Drafting Solutions with GIVLAW If your business is about to sign important transactions or needs to comprehensively review the current contract system, let GIVLAW accompany you. Our team of professional Lawyers will help you diagnose potential risks and establish the most robust protective clauses.
GIVLAW Contact Information - Building a solid legal foundation:
HCMC Office: 25A1 Nguyen U Di St., An Khanh Ward, Thu Duc City, HCMC, Vietnam
Hotline: 0973 544 888 - 0836 858 888
Website: givlaw.vn
