Arbitration is the alternative dispute resolution which the parties agreed to filed their dispute arising or may be arisen to be settled from the evidence by the outsider and the parties agreed to bind upon the decision of the arbitration. Arbitrator shall be middleman considering filed dispute and the Arbitrator is not a representative of each party appointing such arbitrator.
Arbitration in Thailand has established after Arbitration Act B.E. 2530 (1987) has come into force in B.E. 2530 (1987). Arbitration is a process of commercial dispute resolution which is simple, fast and less expensive. It will assist reduce cases that brought to the court so that judicial proceeding in general has been developed.
The Office of the Arbitration Tribunal Board of Trade of Thailand
and University of the Thai Chamber of Commerce
Board of Trade of Thailand have been a dispute resolution institute arbitrating since 1968 and the Board of Trade of Thailand had revised the Thai Commercial Arbitration Rules by using ECAFE Rules of International Commercial Arbitration and ECAFE standard for Conciliation) and the ICC Rules of Arbitration as a guide.
Whereas the Arbitration Act was effected in 2002, Board of Trade of Thailand by The Thai Commercial Arbitration Committee deem it necessary to revise its present Commercial Arbitration Rules in order to comply with the amended Arbitration Act and to ensure suitability to the present international trade.
In 2008, Board of Trade of Thailand and University of the Thai Chamber of Commerce have agreed to begin the project so-called “Arbitration Project”. The main goal of this project focuses on spreading the Arbitration Project, and providing the better understanding and skill about the Arbitration Project to Law School students and ordinary people.
How to use Thai Commercial Arbitration (Arbitration Clause)
In the Event of the parties would like to use the Thai Commercial Arbitration for Their Dispute resolution such agreement in their contract shall have in clear and explicit terms such as the following “Both parties agree to accept the Thai Commercial Arbitration Rules to govern the resolution of dispute. In the event of any disagreement or dispute concerning or arising from this contract where the parties are unable to reach agreement such disagreement or dispute shall be finally and exclusively settled by arbitration under the Thai Commercial Arbitration Rules”.
The Advantage of using the Dispute Resolution of Board of Trade of Thailand
- Having an office of the arbitration Tribunal to proceed the arbitration especially.
- Having a committee to look after in expenses of party in the arbitration proceeding.
- The party will be ensured for the neutral of proceeding because the Thai commercial Arbitration is the private institute.
- Arbitration proceeding is flexible and not too strictly or complexion like the court.
- In general, according to the rules the proceeding will be finished within 180 days since the appointing the last arbitrator, faster to compare with the court.
- Arbitrator considering dispute are expert in many profession. The parties can select them from the Arbitrator list of the Office of the Arbitration Tribunal Board of trade of Thailand or select arbitrator from the satisfying outsider what make the proceeding is fast and justice to both parties.
- The party who are trader can settle their dispute without losing their reputation because the arbitration proceeding is a concealed hearing. The party can keep maintain their good relationship together because they have no need to confront argument for being a winner in the case like a court proceeding.
- Before sending award to the party such award shall be examined by the Thai Commercial arbitration committee for the accurate, justice and creditable. The Thai Commercial Arbitration Rules has a standard as the ICC Rules of Arbitration.
To file the dispute to arbitration, details of the petition shall be as follows:-
- Name and address of the parties.
- Details of dispute
- Original or photo copy of contract or concerned documents including any evidence supporting to each party.
- Arbitration agreement prescribed in contract of the party.
- Claimed fact and claimed amount.
- Request for relieve damages.
- Amount of arbitrator in case that the parties have not agreed in the amount of their arbitrator before.