International Commercial Arbitration in Venezuela

In the above article author describes evolution of legal regulation of international commercial arbitration in Venezuela. Author cites statistics of arbitration centers in Venezuela activities. In past two decades many Latin American countries have reformed their arbitration law. In an effort to modernize its arbitral institutions several Latin American countries adopted Model Law on International Commercial Arbitration of the UN Commission on International Trade Law (UNCITRAL). In addition, many Latin American countries have adopted the monistic system. Author pays detailed attention to this issue, discusses concept of a monistic system - a system in which a unique set of rules governs both domestic and international arbitration. Author argues that legal system of Venezuela fits this definition. Venezuelan law on arbitration in 1998 makes no distinction between domestic and international arbitration. Arbitration was included in judicial system under the Constitution of Venezuela of the 1999. Art. 258 of the Venezuelan Constitution states that arbitration, conciliation and mediation are alternative ways of resolving disputes