The new version aims to improve the current and future needs of companies and governments involved in trade.

The Arbitration Rules 2012 remains true to the values and preserves the essential characteristics of ICC arbitration, while adding new provisions to address such topics as contracts and disputes involving multiple parties, updating procedures for
conduct of the case, appointment of an emergency arbitrator for urgent measures, and changes to facilitate the management of disputes
arising from investment treaties and free trade agreements.

Source: International Chamber of Commerce

More on this topic

New Arbitration Law in Panama

January 2014

With this legislation, the country will be able to develop a new business sector and establish itself as an international center for arbitration.

Recently, the country approved a law to regulate domestic and international arbitration. This will allow Panama to position itself as an international arbitration center, thanks to its logistics development, infrastructure and connectivity.

Costa Rica Enacts Law on International Arbitration

May 2011

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

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.

Panama makes progress in matters of arbitration

September 2008

Lecturers and participants from 14 Latin American countries attend arbitration congress.

Panama has made important steps in matters of arbitration regarding a law dating back to 1999 which was included in the latest constitutional reform carried out in 2004.
The country has the largest maritime center in the world and any discrepancies between shipping agents and businesses may be resolved in Panama instead of turning to a court in London, Paris or New York.

Business rejects changes to arbitration law in El Salvador

June 2008

Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.

"The deputies take two years to pass a law that encourages economic development of the country and two hours to consider one that's going to ... undermine judicial security," said Jorge Daboub, president of the national Chamber of Commerce.