Looking for information on arbitration in Panama? Want to know what arbitration laws the country has? Considering resolving a dispute in Panama? If you’re interested in getting answers to all these questions, then you’re in the right place..
Settling International Disputes Through Arbitration in Panama
Pursuant to Panamanian legislation, the following conditions must be met before an arbitration is considered international:
- parties’ commercial enterprises are located in different countries at the time such agreements are concluded;
- when an arbitration venue is located in a country that’s different from the one where parties do their business;
- if parties pledged to fulfil the sizeable portion of their obligations in a place that differs from the one where they do commercial transactions;
- if parties expressly agreed that the issue they want to refer to arbitration is applicable to several countries, and thus they can resolve an international dispute in Panama.
Sometimes, settlement cannot be reached through arbitration.Therefore, settling a dispute through arbitration in Panama is only possible with the mutual consent of the parties. It can also be resorted to in matters to which the Arbitration Act is applicable or which are mentioned in international treaties.
By signing an international arbitration agreement, parties demonstrate willingness to settle disputes arising from certain legal relationships.
To resolve a dispute through arbitration in Panama, the parties must agree on the candidacy of an arbitrator. If such an agreement can’t be reached, then an arbitration center appoints all arbitrators & indicates which of them are going to be chairman.
Selecting an Arbitrator: Resolution of an International Dispute Through Arbitration in Panama
Typically, an arbitral tribunal’s chairman is appointed by specialized centers. Prospective candidates must meet the parties’ requirements & have no previous criminal record.
Arbitrators in Panama are generally private practicing lawyers. Once arbitrators are appointed by the parties, they must elect a chairman. If arbitrators & chairman aren’t appointed, they’re assigned by arbitration centers.
Initiating Arbitral proceedings in Panama
Arbitration proceedings are initiated by filing an application for arbitration or filing an arbitration complaint with an arbitration center.
Normally, arbitration complaints contain:
- a request for an issue to be referred to arbitration;
- parties’ contact info & names, including evidence that they’re legal persons;
- the names of the individuals that represent a plaintiff;
- copies of arbitration agreements;
- description of a dispute;
- desired remedy;
- request for appointment & replacement of an arbitrator;
- compensation amount;
- proof of fees being paid.
Arbitration proceedings in Panama are governed by local and international laws. This country is a signatory to international treaties whereby carrying out & executing decisions must be done by authorized arbitration centers.
Need more information on arbitration in Panama? Why not order an individual consultation with IQ Decision UK? Our experts will be happy to provide with legal advice on the initiation of arbitration proceedings in Panama & other countries of your choice.