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Contracts 

Unlike the Common law, in Roman law countries Contracts is not an area of law regulated autonomously.  Instead, contracts are governed either by the Civil Code or the Commercial Code.  The general principal in this respect is that where a contract is not specifically governed by the Commercial Code, i.e. is not a commercial contract, then the general rules and principles of the Civil Code will apply. 

Most contracts are simply informal, meaning that a verbal contract will be valid and binding on the parties and the mere consent of both parties will result in a binding agreement.  Nevertheless, some contracts, such as real estate contracts, will require the formality that they be in writing or that they be adopted by public deed. 

We can assist with civil and commercial contracts of any nature, as well as with contracts with the government, whether as a result of public bids or for concessions over land or water. 

Commercial & Private Contracts 

Any commercial contract with a value of greater than $5,000 should be in writing in order to be legally binding.  We do recommend to clients that all contracts be in writing, so as to avoid any conflict in the future between the parties as to the specific terms and conditions of the contract. 

Real Estate Sale & Purchase 

As mentioned above, contracts for real estate must be in writing and prepared as a public deed (escritura publica).  This is a special format which is prepared before a notary public.  Furthermore, as Panama has a Torrens system land registry, it is necessary to register the sale & purchase agreement, for titled property, at the Public Registry to ensure that any and all third parties are put on notice regarding the ownership of the property.  We recommend to clients that a search of the title be done prior to purchase of any property. 

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Last modified 26-Sep-2007 17:37 -0400

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Last modified 26-Sep-2007 17:37 -0400