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Executive Order Number 5 of
July 8, 1999, states the rules and principles for
arbitration proceedings in the Republic of Panama.
This statutory rule provides
that parties, based on the principle of free will, may solve
their disputes pursuant to internationally-recognized rules.
An example of that recognition
is the fact that rules applied in Panamanian Arbitration
Courts are the same rules applied in the International
Arbitration Court of the International Chamber of Commerce,
i.e. the Unidroit rules.
Our Firm encourages submitting
commercial disputes, insofar as possible, to arbitration
proceedings, since this can substantially reduce the length
of time required to resolve conflicts in the legal arena.
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