Official Journal No. 42,878 of 16 September 1996
118 of Law 1563 of 2012. Enter into effect from October 12, 2012 >
By which international arbitration is regulated and other provisions are dictated.
ARTICLE 1o. DETERMINING CRITERIA. 118 of Law 1563 of 2012. Enter into effect from October 12, 2012 > 196. > International will be arbitration when the parties have agreed to it, provided that it is also met with any of the following events:
1. That the parties, at the time of the conclusion of the arbitration agreement, have their domicile in different States.
2. That the place of fulfilment of that substantial part of the obligations directly linked to the subjectmatter of the dispute is situated outside the State in which the parties have their principal place of residence.
3. Where the place of arbitration is outside the State in which the parties have their addresses, provided that such an eventuality has been agreed upon in the arbitration agreement.
4. Where the subject matter of the arbitration agreement clearly links the interests of more than one State and the parties have expressly agreed to it.
5. Where the dispute under arbitration directly and unequivocally affects the interests of international trade.
PARAGRAFO. In the event that an arbitration agreement of the parties still exists, the defendant may propose the exception of a lack of jurisdiction with only one of the parties. accredit the existence of the arbitration agreement.
ARTICLE 2o. REGULATIONS APPLICABLE TO INTERNATIONAL ARBITRATION. 118 of Law 1563 of 2012. It shall apply from 12 October 2012 > 197. > International arbitration shall be governed in all its parts in accordance with the rules of this law, in particular by the provisions of the Treaties, Conventions, Protocol and other acts of International Law signed and ratified by Colombia, which take precedence over the rules that are laid down in the Code of Civil Procedure. In any event, the parties are free to determine the applicable substantive rule under which the arbitrators will have to resolve the dispute. They may also directly or by reference to an arbitration regulation, determine all matters concerning the arbitral proceedings including the convocation, the constitution, the processing, the language, the designation and nationality of the referees, as well as the seat of the Tribunal, which may be in Colombia or in a foreign country.
ARTICLE 3o. FOREIGN ARBITRATION AWARD-CONCEPT. 118 of Law 1563 of 2012. It goes into effect from October 12, 2012 > 198. > It is foreign all arbitral award that is proposed by a Tribunal whose seat is located outside the national territory.
In contracts with foreign people, as well as those with a national person, and in which long-term financing and payment systems are foreseen by the operation of the object constructed or operated for the purpose of holding a public service, it may be agreed that the differences arising out of the contract are subject to the decision of an International Arbitration Court.
ARTICLE 5o. VALIDITY. 118 of Law 1563 of 2012. It will apply from October 12, 2012 > This Law governs from its publication and repeals all rules that are contrary to it.
The President of the honorable Senate of the Republic,
JULIO CESAR GUERRA TULENA
The Secretary General of the honorable Senate of the Republic,
PEDRO PUMAREJO VEGA
The President of the honorable House of Representatives,
RODRIGO RIVERA SALAZAR
The Secretary General of the honorable House of Representatives,
DIEGO VIVAS TAFUR
Publish and execute.
Dada en Santa Fe de Bogota, D. C., 12 September 1996.
ERNESTO SAMPER PIZANO
The Foreign Minister,
MARIA EMMA MEJIA VELEZ.
The Minister of Justice and Law,
CARLOS EDUARDO MEDELLIN BECERRA.