Costa Rica Enacts Law on International Arbitration

The law enhances competitiveness and promotes a business climate in the country, says the government.

Monday, May 16, 2011

In order to strengthen legal certainty in the country and provide greater choices for enterprises to resolve trade disputes, the Government has approved the Law on International Arbitration, which shall take effect upon publication in the official newspaper La Gaceta.

The new rules are part of a package of competitiveness and simplification of procedures promoted by the Executive, which are also part of the Apostille Act (signed in February) the Law on Real Estate Contracts and the Law Alternative Dispute Resolution.

According to an article by Andrea Rodriguez in El Financiero, "With the signing of this new law, it is expected that Costa Rica will become a venue for the resolution of international conflicts, a place where enterprises can resolve their conflicts, which could propel the growth of the hotel industry and convention centers. "

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