Arbitration has been recognized by the Venezuelan Constitution, laws, jurisprudence and doctrine as an alternative means of dispute resolution, including corporate disputes. The existence of an arbitration clause in the corporate by-laws is necessary and is binding to all the corporate parties, even managers. It is noteworthy, that shareholder individually, whose rights have been violated individually by acts and omissions of managers may take action against the latter for an action other than the corporate action, including torts in some cases, which could be blocked by the controlling shareholders to which managers tend to represent, due to the Pro-Arbitration Principle, which allows the widest possible interpretation of the arbitration clause unless expressively excluded.
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