The Colombian Supreme Court, in enforcing a foreign judicial decision, has dictated the principles on which it constructs the notions of public policy and sovereignty. Among other things, the court stated that the notion of public policy must be in accordance with international principles, in order to avoid economic isolation.
The usual limitation of liability clauses included in international contracts have been interpreted and given effect under Colombian law by courts and arbitration tribunals, even when it is decided that the relevant contract is subject to Colombian law. This update describes the new interpretations.
The first decisions on class actions are beginning to be issued by the courts and the development of the jurisprudence will be essential in creating a coordinated body of law. As expected, financial institutions, government entities and multinational companies are the key targets.
Including: Legal System; Court Structure; Precedent; Civil Proceedings; Special Proceedings; Cost
There are legal provisions in Colombia designed to protect some forms of distributorship. While the courts have been consistent in interpreting the protective provisions on commercial agencies, the discussion on what is and what is not a commercial agency has led to inconsistent arbitration decisions.