New National and International Arbitration Statue in Colombia[1]
Our Spanish face, Laura Lozano notes that it was yesterday, October 12th, when the Colombian Law 1563 that regulates both national and international arbitration entered into force. The statute follows the UNCITRAL Model and has Peruvian and Swiss influences. The statute makes clear that Colombia is “arbitration friendly” and an interesting arbitration seat option.
Awards rendered by tribunals seated in Colombia will be considered local awards. Therefore, no recognition before local courts prior to their enforcement will be needed.[2] At the same time, those awards by tribunals not seated in Colombia are also governed by the statute. However, they will still need to be submitted to the Supreme Court or the Council State. The grounds for refusing requests in accordance with Article V of the New York Convention are followed. The recognition of foreign awards process is a 10 day service process, followed by a 20 day decision making process.[3]
[1] Law 1563 of 2012
[2] Article 111
[3] Articles 111-114