Authors
Authors
Georges Abboud
Fernando Maluf
Gustavo Favero Vaughn
Introduction
Throughout its history, arbitration in Panama has been widely used in international commercial disputes, particularly in shipping and maritime law, construction, and banking. Panama’s legal system and infrastructure, including its well-developed telecommunications and transportation systems, have made it an attractive location for international arbitrations.
Indeed, in recent years, Panama has become a popular choice for international arbitration, particularly in Latin America. The country has a modern and efficient arbitration system, and it is a signatory to several international conventions on arbitration, including the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States.
Panama is also a strategic location in Central America. The country has a well-established arbitration community with several organizations and institutions dedicated to promoting and developing arbitration in the country. These include the International Chamber of Commerce – Panama (ICC Panama), the Conciliation and Arbitration Center (CeCAP), the Dispute Resolution Center at the Panamanian Chamber of Construction (CAPAC), Conflict Resolution Center (CESCON), among others. Similarly, Panama has a sophisticated body of attorneys at the Ministry of Economy and Finance, who defend the country in Investor-State Dispute Settlement (ISDS). In addition, Panama is a neutral country and does not have any history of international conflicts, which makes it a more desirable location for international arbitrations.
The current Panamanian Arbitration Law was enacted based on international arbitration standards, which made it possible for the Republic of Panama to be classified as an attractive arbitral seat. However, the promulgation of this modern arbitration legislation followed several legal controversies stemming from the roles that arbitrators and judges played in imparting justice while protecting fundamental rights enshrined by the Panamanian Political Constitution. To present day, the interplay between the legal principles contained in Law 131 of December 31, 2013 and the Political Constitution continues to catalyze controversies related to arbitration matters and the protection of constitutional guarantees. Caselaw continues to develop in this sense, supported by doctrine and jurisprudence from exemplary pro-arbitration jurisdictions.
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Attachments
10839_8va.pdfAuthors
Authors
Georges Abboud
Fernando Maluf
Gustavo Favero Vaughn