It is well known that Panama is currently one of the best locations to be established as the seat for arbitration processes, since it offers one of the best and newest Arbitration Laws of the legal world. The Law No. 131, which established all rules regarding international commercial arbitration processes in Panama, was published on December 31st, 2013 which was created based on the Law Model of the United Nations Commission on International Trade Law related to International Arbitration.
Also, the Law Decree No. 5 published on July 8th, 1999, which establishes the general rules for arbitration, conciliation and mediation in Panama. This law, as Law No. 131, was created based on the Law Model of the United Nations Commission on International Trade Law related to International Arbitration and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the New York Convention, in which Panama is also a signatory of such Convention. In this sense, Panama has a pro-arbitration legal system, which is oriented towards the settlement of disputes, locally and internationally in connection with international rules and agreements.
On the other hand, to determine which country and legislation is the most suitable for an arbitration process, it is really important to take into consideration some practical advantages like the communication system, facilities and infrastructure that some countries have to offer; in this regard, Panama has one of the best hotel development projects in the region, as well as a dollarized economy that make all transactions simpler and a geographical location with many advantages in relation to flights tickets, touristic packages, transport and technology.
In this sense, Panama has an innovative and recent legislation regarding arbitration with a pro-arbitration legal system that provides many practical advantages to be considered one of the best locations in the world to be established as a seat for any arbitration process and also as one of the most competitive countries in the region in terms related to arbitration processes.
For any questions or concerns, please do not hesitate to conatct us:
WILLIAMS & ASSOCIATES
World Trade Center, 7th Floor, Suite 703, 53rd E Street, Marbella
Tel: (507) 3971700/01/02