Arbitration law encourages lawmakers to think big

Lawmakers are talking about making Costa Rica a center of arbitration for the world. The comments came after the legislature passed a law that brings the country into conformity with a model U.N. statute.

The law outlines the steps for an arbitration by foreigners in the country. Costa Rica has agreements with some countries for arbitration but this law would cover all business operations in the country.

But some lawmakers would like to extend the system and invite business people from all over the world to designate Costa Rica as the venue where disputes could be arbitrated.

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