Arbitration is a procedure recognized by Mexican and international law, which allows individuals to resolve their commercial disputes without having to submit to national courts. Thus, individuals obtain a final and impartial award which acquires the same legal force as a legal sentence.
The legal framework for the development and practice of private commercial arbitration are:
- Title IV, Book V of the Commercial Code, reviewed in 1993 adopting the UNCITRAL Model Law on International Commercial Arbitration;
- The United Nation Convention on the Recognition and Enforcement of Foreign Arbitral Award (New York Convention of 1958) ratified by Mexico in 1971; and
- The Inter-American Convention on International Commercial Arbitration (Panama Convention of 1975) ratified by Mexico in 1978.