Abstract
Awarding procedure is not only limited to the final decision of the court of the stipulated country, likewise the Federative Republic of Brazil but also its significant procedural aspect for enforcing the arbitral decision. Practically, parties should enforce foreign arbitration awards without exception until it crosses the country's internal and external policy. The economic growth of a country demonstrates remarkable changing in legal behavior on enumerated country's private parties' activities as well. Trade relations among Brazilian companies have made a long way for dispute resolution. Addressing to sophisticated social approach to the legal nature of a stipulated country, it is not a surprising factor in applying the private international law demands in practice. The official government seeks a modern transparent approach to finalize and enforce foreign arbitral awards without reducing the freedom of activities of companies in the inner border and cross border transactions. All perspectives of legal nature and enforcement procedure on foreign arbitration awards in Brazil are not very harsh at first glance since as all parties are adequately applied to New York Convention 1958 on Enforcement of Foreign Arbitration Awards, however as all stereotypes on all jurisprudences, there are several weak points while applying a procedural background. This article analyzes and compares legal possibilities and challenges on the application of foreign arbitral awards in the Republic of Brazil. The findings figure out the stick points of procedural matters of enforcement of foreign arbitral awards and their complexity from the theoretical approach. The goal is achieved by solving several problems: - To research the procedure of enforcement of foreign arbitral awards in the Federative Republic of Brazil; - To identify the problems of procedural matters while enforcing the foreign arbitral awards; - To highlight the possible solutions and pathways for making easier the enforcement procedure of foreign arbitral awards in Brazil.
Highlights
The Federative Republic of Brazil is one of the prominent and leading countries in the region of Latin America for its economic, legal, and social perspective (Zelentsov A.B., 2017)
The New York Convention on Recognition and Enforcement of Foreign Arbitral awards, Brazil tries to make a transparent community on Arbitration and making a road to alternative ways of dispute resolution
Over the years and decades brought prosperity to Brazilian legislation and legal surrounding from the perspective of arbitration (Rusakova E.P., 2018)
Summary
The Federative Republic of Brazil is one of the prominent and leading countries in the region of Latin America for its economic, legal, and social perspective (Zelentsov A.B., 2017). Regarding the statistical report of the International Chamber of Commerce (ICC) on arbitration listing, the Federative Republic of Brazil is standing at third (third) place among 123 countries for its productive and sufficient work (Artemyeva Y.A., 2016). As an example can be taken the Center for Arbitration and Mediation of the Chamber of Commerce Brazil-Canada (CAM-CCBC), The Brazilian Centre for Mediation and Arbitration (CBMA), and Business Arbitration Chamber- Brazil (CAMARB). These instances could be a good indicator for ranking of Brazil for their sufficiency in arbitration and collaborative work of them with foreign directed arbitrations and direct foreign arbitrations. Arbitration is most frequently used for the resolution of disputes involving: (i) construction and infrastructure projects (such as oil, gas, and electricity); (ii) commercial and financial agreements; (iii) corporate conflicts; and (iv) agricultural matters
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