Sectors of international arbitration disputes

Article 59 of Law 1563 of 2012 states: Amicable composition is an alternative dispute resolution mechanism, whereby two or more private parties, a private party and one or more public entities, or several public entities, or whoever performs administrative functions, delegate to a third party, called amicable composer, the power to define, with binding force for the parties, a freely disposable contractual dispute. This mechanism is different from conciliation and national arbitration. It is a mechanism in which the amiable compositeur has no jurisdictional powers and does not act as conciliator. This third party is an agent of the parties and makes a decision based on evidence. It has the flexibility of conciliation and the res judicata of national arbitration, but it is not the same.