Paraguay started 2015 with a brand new law on international contracts. It can be qualified as a forward-looking piece of legislation, in line with recent proposals advanced by prestigious codifying organizations of the world and the Americas and taking into account current developments and the necessities of day-to-day commerce. The new law recognizes ample party autonomy, clarifying several issues that can present in connection with the principle, and setting as well the limit of this liberty in an equilibrated context of public policy that takes into account basic postulates of local law as well as the necessities of this matter be seen through the prism of cosmopolitanism. In this contribution, its author will present and explain the new Paraguayan Law, with an emphasis on its relevant potential regarding international arbitration.
Iurgium [previously Spain Arbitration Review]