Through Law 131 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. Further, Law 131 does not
make reference to just one award, but establishes
the possibility to issue partial awards.
