Since the promulgation of Law No. 131 of December 31, 2013, Panama has been able to position itself in the very short term as an internationally renowned international arbitration center. This position is undoubtedly closely related to the geographical position of Panama, together with the facilities provided by the Panamanian economy, which is traditionally based on a service economy.
In addition to the above, Panama enjoys a high potential to become the international “hub” of arbitration has great potential for international arbitration, as it has the appropriate infrastructure, modern legislation in this area, as with the hub , excellent communications with fiber optics, a body of lawyers specialized in international litigation and above all, a great tradition of service.
Arbitration in the maritime sector is progressing in the same way. Therefore, there are many reasons why arbitrators of moral solvency should be chosen in Panama and properly trained in the arbitration that are able to resolve the disputes presented to them in an objective and transparent manner, which will depend on the growth of Panama as an international center of arbitration.
Arbitration in the Republic of Panama is a constitutional process, through which a dispute is submitted, by agreement of the parties, to an arbitrator or a court of several arbitrators that issues a decision on the dispute that is mandatory for the parties. The choice of arbitration during the negotiation process of a contracting of any nature, the contracting parties are obliged that in the event of any contractual disagreement, will be submitted to the rules agreed in the arbitration clause within the contract, which shall written. In Panama there are several arbitration centers that will facilitate the parties to choose the place where to settle the dispute privately and not in the courts.In accordance with the agreement, the arbitration may be in national or international territory.
The Panama Conciliation and Arbitration Center, founded in 1994, which is part of the Chamber of Commerce and Industries. The matter related to the subject of arbitration and regulation thereof, was born in Chapter IV of Title XII of the Second Book of the Judicial Code of Panama, then replaced by Decree Law No. 5 of July 8, 1999 and finally to the modified date by Act No. 131 of December 31, 2013. Which gives the autonomy to the matter of arbitration.
Panama Conciliation and Arbitration Center. http://cecap.com.pa/