When multinational companies negotiating a deal in Latin America determine arbitration isn’t an option for future disputes, attorneys increasingly have turned to foreign selection clauses to seek a neutral venue. But this is far from the simple solution companies often assume it is.
Foreign selection clauses generally provide that even though a transaction is taking place in Latin America, and the investment and core part of the business is in Latin America, any arising dispute will be litigated in another jurisdiction outside the region—often in New York or Florida. Multinational companies often negotiate a foreign selection clause into contracts that assign U.S. laws or a U.S. jurisdiction, or both, to any future disputes.
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