ODR arbitration for secured transactions in Colombia

Abstract

Abstract The overall view of the registration and enforcement of secured transactions in Colombia has evolved since the national government adopted the electronic arbitration model rules. This kind of arbitration has facilitated the enforcement of secured transactions without resorting to ordinary courts, saving costs and time in enforcement proceedings. This article explains the step-by-step process that the Colombian government had to go through to create and implement an online dispute resolution system dedicated to secured transactions. The article gives an account of the international standards and models that provide the general guide to create a secured transactions system, along with explaining the Colombian regulatory framework that allowed the creation of the secured transactions system, and ending with the enforcement strategies of online arbitration in Colombian secured transactions.