Panama Convention | Practical Law

Panama Convention | Practical Law

Panama Convention

Panama Convention

Practical Law UK Glossary 9-502-5128 (Approx. 3 pages)

Glossary

Panama Convention

The Inter-American Convention on International Commercial Arbitration, incorporated into US law through Sections 301 to 307 of the Federal Arbitration Act (FAA). The Panama Convention governs international arbitral awards only where either:
  • Expressly agreed by the parties.
  • Most of the parties to the arbitration agreement are citizens of a state (or states) that have ratified or agreed to the Panama Convention and are members of the Organization of American States.
In cases governed by the Panama Convention, three arbitrators are appointed unless the parties agree otherwise (9 U.S.C. § 303). The Panama Convention incorporates the Rules of Procedure of the Inter-American Commercial Arbitration Commission as a default source of arbitration procedures.