Convention Arbitration

The arbitration agreement can stipulate penalties for the party that fails to comply with any act that is indispensable for the effectiveness thereof, to establish safeguards to ensure compliance with the arbitration award, as well as granting special powers to the arbitrators for the enforcement of the award in absentia of the party. Regardless the arbitrators are empowered to impose fines up to a maximum of two tax tax units to the part that does not meet their mandates. These fines will be in favour of the other party, be included in an arbitral award and will be implemented jointly with the latter. The first part of article 10 of the same law establishes that the arbitration agreement celebrated in writing, under penalty of nullity, in such sense we can say that the arbitration agreement is ad solemnitatem. 8. NOTARISATION notary article 57 of the General Act of arbitration has an advantage regulations that regulate extrajudicial conciliation in Peruvian positive law, which establishes that the award, your corrections, integration and clarification, can be formalized by a notary, at the request of either party. To do so, simply the intervention of the umpire or of any of the arbitrators designated by the Court. The dossier of the arbitral process is preserved in the archives of the notary who protocolice it.

Notaries can issue only testimonies or simple copies of the deed of notarization, or certified copies of the dossier, at the request of the licensors of the Convention arbitral, or court order. Except as provided in the preceding paragraph, the dossier of the arbitral process is preserved by the arbitral institution, or, where appropriate, by the President of the Court or by the sole arbitrator. I.e., this standard facilitates the registration of the arbitral award when it contains recordable acts, what does not occur in the case of extrajudicial conciliation, since the norms that regulate extrajudicial conciliation does not contain a similar rule.

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