Commercial Arbitration in Latin America
Arbitration is an institution of great usefulness in diverse areas of the law and it is precisely in the commercial area, both national and international, that arbitration reaches its greatest development. This is not surprising, as commercial exchange has expanded significantly worldwide through the years, transforming the different countries into members of this “global village” where most economies, if not all of them, are based on the commercialization of assets granting favorable advantages to its members. If we consider the number of business transactions made in one minute in the world, we will understand the need of having procedures, resources and agencies which are quick to react and highly specialized in order to resolve the eventual flood of conflicts that may arise between parties when they see no clear answer in the text of their agreements. Arbitration is sure to be seen as one of the most effective means of resolving the controversies and disputes resulting from the growing commercial exchange between countries.
Arbitration is defined as “that chosen by the parties by mutual agreement or by injunction and which is carried out before special tribunals different from the ones established permanently by the country, elected by the interested parties themselves or by the judicial authority in subsidy, or by a third person in a specific situation”. Internati
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