International Arbitration in the Americas: An Agent of Change?
It’s practically common knowledge that litigating in Latin American jurisdictions can be a tedious, never-ending process that would render the ‘juice’ not worth the squeeze. Doing business in Latin America, therefore, has always come with a catch – the necessity for an arbitration clause that specifically delineates the procedure for how a dispute should be settled should one arise.
One Latin American jurisdiction has taken note of the confidence a definitive arbitration system instills in potential investors, and has made great strides in introducing an efficient and reliable system into their legal infrastructure. Colombia’s Centro de Arbitraje y Conciliacion (CAC) was created to support the country’s efforts to make it a more desirable place for international business. In 2012, CAC formed a strategic partnership with the International Centre for Dispute Resolution (ICDR) and together have hosted an annual conference on international arbitration in Bogota. This year’s conference explored ways to enhance predictability in Colombian arbitrations, and discussed some key issues that frequently arise throughout the process.