International Arbitration has been one of the preferred means for dispute resolution in the past century’s.
On new era where all the markets are globalized, foreign companies that gets involved on international disputes don’t find very attractive to solve their dispute under a jurisdiction which sometimes doesn’t speak the company’s representative’s language, or has a different legal system than the system in which the foreign company its based, or in occasions on investment disputes companies don’t find too much attractive to litigate with host states courts that maybe cant be as impartial they need to be to correctly solve the dispute.
Attending all this concerning’s the international arbitration tries to give the both parties involved in the dispute solutions like:
- 1. The choose of applicable law, which facilitated the procedural flexibility, saving the parties to spent more time on their dispute just by complex and bureaucratic national regulations of dispute resolution.
- 2. The language in which the parties want to litigate, granting more security to all of the parties involved.
- 3. Where they want to litigate.
- 4. Experienced arbitrators, which can be selected for its familiarity with some areas, or legal structures and their understanding of international law as an integral system not as a unitary piece.
- 5. Confidentiality of the manners treated in the dispute, granting the parties a greater privacy and confidentiality than the public courts.
The international arbitration which can be consider as a global institution due to the support that has on international law, this recognition was mostly granted by the New York convention which was signed in 1958 nowadays has more than 156 contracting parties around the world.
The international arbitration has multiple applications nowadays, its used to solve investment disputes, commercial disputes, international tax or sport disputes. This is why it is one of the favorite means for international companies to solve its disputes, due to its characteristics such as the experience of the arbitrators and international enforceability of the arbitration awards granted by the New York Convention and the UNCITRAL Model Law.
Central America has a strong participation of investment by foreign companies, unfortunately sometimes this generates violations of investment treaties or a breach of investment contracts. Under this circumstances law firms in the region must be integrated by a legal team which can correctly and efficiently advice its clients and accompany in the whole dispute.
CENTRAL LAW Costa Rica