Costa Rica enacts UNCITRAL Model Law | Practical Law

Costa Rica enacts UNCITRAL Model Law | Practical Law

On 24 March 2011 Costa Rica's Legislative Assembly approved the Law on International Commercial Arbitration, based on the UNCITRAL Model Law. The law will have effect once published in the country's official gazette.

Costa Rica enacts UNCITRAL Model Law

Practical Law Legal Update 2-505-6670 (Approx. 2 pages)

Costa Rica enacts UNCITRAL Model Law

by PLC Arbitration
Published on 12 Apr 2011 • Costa Rica, International
On 24 March 2011 Costa Rica's Legislative Assembly approved the Law on International Commercial Arbitration, based on the UNCITRAL Model Law. The law will have effect once published in the country's official gazette.
Costa Rica's Legislative Assembly has approved the Law on International Commercial Arbitration, which is largely based on the UNCITRAL Model Law (for the text of Model Law, see UNCITRAL Model Law on International Commercial Arbitration (1985)). The new law, which will cover international arbitrations with their seat in Costa Rica, will take effect from publication in the country's official gazette.
Costa Rica is a host country to the Permanent Court of Arbitration and the new law has been welcomed by practitioners, who regard this as an important step in the country's development as a base for international arbitration.
Source: GAR.