/kəˈmɜːrʃəl ˌɑːrbɪˈtreɪʃən/ – Phrase
Definition: trọng tài thương mại.
A more thorough explanation: Commercial arbitration refers to a method of resolving disputes between parties arising out of commercial transactions through the use of an arbitrator or a panel of arbitrators, rather than through traditional court litigation. It is a form of alternative dispute resolution (ADR) that is often used to resolve business-related conflicts in a more efficient and cost-effective manner.
Example: In the event of a dispute between the parties, they have agreed to resolve it through commercial arbitration as outlined in their contract.