Law on the Resolution of Economic Disputes (Amended)
经济纠纷解决法（修订版）
ກົດໝາຍວ່າດ້ວຍ ການແກ້ໄຂຂໍ້ຂັດແຍ່ງທາງດ້ານເສດຖະກິດ (ສະບັບປັບປຸງ)
Summary
This Law stipulates the mechanisms for resolving economic disputes, aiming to effectively address controversies arising in economic activities through statutory procedures. This Law applies to parties involved in economic disputes and clarifies the principles, methods, and procedures for dispute resolution, so as to promote the stability of economic order. The provisions define key terms to ensure clarity and consistency in the application of the law.
Articles
Article 1
Article 1 (Amended) Purpose
This Law stipulates principles, rules, and measures regarding the organization, activities, management, and inspection of economic dispute resolution work, in order to ensure the quality and efficiency of such work, to guarantee the peaceful, correct, fair, and prompt resolution of economic disputes, aiming to promote the development of business operations, maintain social peace and order, align with regional and international standards, and create a favorable environment for domestic and foreign investors to participate in the national socio-economic development.
Article 2
Article 2 (Amended) Resolution of Economic Disputes
Economic disputes refer to interest disputes arising from the violation of economic contracts or business activities between legal entities, between legal entities and individuals or organizations, between individuals, or between individuals and organizations (including domestic and foreign parties).
The resolution of economic disputes refers to the settlement of interest disputes through mediation or adjudication, conducted by economic dispute resolution bodies.
Article 3
Article 3 (Amended) Interpretation of Terms
The terms used in this Law shall have the following meanings:
1. Parties means the two disputing sides in an economic dispute, including the applicant and the respondent;
2. Mediator means a person selected by the parties or the Economic Dispute Resolution Center or Office from the mediator roster or arbitrator roster to act as an intermediary, providing consultation, advice, assistance, and facilitation for the resolution of economic disputes;
3. Arbitrator means a person selected by the parties or the Economic Dispute Resolution Center or Office from the arbitrator roster to render a decision on an economic dispute;
4. Mediation Committee means a mediation panel composed of two or more mediators, selected by the parties or the Economic Dispute Resolution Center or Office from the mediator roster or arbitrator roster;
5. Arbitration Committee means an arbitration panel composed of three arbitrators, selected by the parties or the Economic Dispute Resolution Center or Office from the arbitrator roster;
6. Representative means a person authorized by one party to exercise rights and perform obligations on its behalf in accordance with laws and regulations;
7. Arbitral Award means the decision of an arbitrator or the decision of an Arbitration Committee;
8. International Trade means the sale of goods or services across the territory of two or more countries, regardless of the nationality of the contracting parties;
9. Foreign Investment means the bringing of tangible and intangible funds and assets into the territory of the Lao People's Democratic Republic by foreign investors for business operations, in accordance with the Law on Investment Promotion and other relevant laws;
10. Economic Contract means a commercial contract or civil contract with a commercial purpose;
11. Business Operation means business activities related to production, trade, services, etc.
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