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A. LEGISLATION AND RULES A.1 Legislation Chile continues to have a dual legal framework in the field. Domestic arbitration is ruled by the Organic Code of Courts and the Code of Civil Procedure, whereas international arbitration is governed by Act No. 19,971 on International Commercial Arbitration (“ICA Act”), which came into force in September 2004 and it is mostly a replica of the UNCITRAL Model Law. Chile is also a signatory to the New York…

CHILE Rodrigo Díaz de Valdés and Ignacio Naudon A. LEGISLATION AND RULES A.1 Legislation Arbitration in Chile continues to be primarily governed by the Organic Code of Courts (OCC), the Code of Civil Procedure (CCP) and Act No. 19,971 on International Commercial Arbitration (“ICA Act”). The ICA Act entered into force in September 2004, and it is mostly a replica of the UNCITRAL Model Law on International Commercial Arbitration. Chile is also a signatory to…

Venezuela’s withdrawal from the ICSID Convention does not prevent foreign investors from relying on other mechanisms in order to protect their rights. On 24 January 2012, the Bolivarian Republic of Venezuela formally deposited with the International Centre for Settlement of Investment Disputes (ICSID) – an international institution depending from the World Bank ‑ its “irrevocable denunciation” of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), asserting that “Venezuela…