Since the enactment of Law No. 131 of December 2013, Panama has managed to position itself in a very short time as an international arbitration center of renown relevance. This position is undoubtedly close to the geographical position of Panama, in addition to the financial facilities that Panama offers.
In addition to the above, Panama has great potential to become the international arbitration hub because it has the appropriate infrastructure, modern legislation, excellent communications, and a long tradition in legal matters.
In maritime matters, arbitration has advanced in the same way, consequently there are multiple reasons why there are arbitrators of high moral standing in Panama.
The arbitration in Panama is considered of constitutional rank, reason for which a controversy is submitted to the agreement between the parties to an arbitrator or a tribune of several arbitrators who dictate a decision based on the controversy and the decision or decision is of obligatory compliance .
