Does local law allow for a choice of governing law?
Frequency/market practice: Yes, parties may choose the governing law.
What is the common governing law?
Frequency/market practice: Peruvian law is agreed in most transactions, although New York law is sometimes seen in very large or cross-border deals. English law is sometimes chosen when European parties are involved.
Is litigation or arbitration more common? If arbitration, where?
Frequency/market practice: Arbitration is more common. When Peruvian law is chosen as the governing law, the arbitration seat is usually in the Lima Chamber of Commerce or American Chamber of Commerce of Peru.
