Gabriela Vásquez Through Law 131(Law) of December 2013, Panama amended the arbitral process for both domestic and international commercial arbitration. The newly enacted law replaces previous regulation on the matter, developing new guidelines that respond to the increasing popularity of arbitration as a fast method for the alternative resolution of conflicts. Law 131 sets out, among other things, new terms and deadlines for all parties involved in the arbitration process (plaintiff, defendant, arbitral tribunal, judicial tribunals, and the Fourth Chamber of the Supreme Court of Justice), to act or proceed. As a prime example, the new law reduces the timeframe for the Arbitral Tribunal to issue the arbitral award which settles the dispute.
October 31 2014
