(72) Furthermore, it is clear that the IACAC Arbitration Rules could and should apply in any multiparty dispute where all of the participants come from states that have signed Panama Convention.
However, it is not clear whether the IACAC Arbitration Rules would or could apply by default to any multiparty arbitration involving a party who was not resident in a nation that had signed the Panama Convention.
and Colombian parties fail to agree regarding the applicable procedure, the IACAC Arbitration Rules will automatically apply pursuant to Article 3 of the Panama Convention, which is given domestic application in Colombia by virtue of Law.
The IACAC Arbitration Rules are very similar to the types of international arbitration rules promulgated by private institutions, containing standard provisions regarding written submissions, including the notice of arbitration, the statement of claim, the statement of defense and further submissions; the appointment and challenge of arbitrators; jurisdictional issues; arbitral procedure, including the taking and presentation of evidence, interim measures of protection, default and settlement; rendering of the award, including any corrections thereof or additional elements; and fees.
Although the IACAC Arbitration Rules cover a broad range of issues, they also give the arbitral tribunal a great deal of discretion to decide procedural matters, an approach that is consistent with that found in other arbitral rules of procedure.
315/96 gives parties to international disputes the ability to choose their own procedures (245) and because the IACAC Arbitration Rules will apply by default if the parties fail to reach agreement on any particular point.
(252) This is true even in situations where the parties have not expressly addressed jurisdictional issues, since the IACAC Arbitration Rules state that "[i]n general, the arbitral tribunal should rule on a plea concerning its jurisdiction as a preliminary question," a position that is entirely consistent with Colombian practice.
Although it is unclear whether and to what extent this practice extends to arbitrators acting in international disputes, proceedings following the IACAC Arbitration Rules may benefit from provisions regarding the use of deposits, since the arbitrators' fees will have been paid in advance, at least in part.
(272) This approach is consistent with the provisions of both the IACAC Arbitration Rules and the procedural rules of many international arbitral institutions.
(280) Notably, use of hearsay is not improper under the IACAC Arbitration Rules, since the arbitral tribunal has a great deal of discretion in how evidence is to be presented, (281) nor is hearsay prohibited in U.S.