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704_LegalGuideForForeignInvestorsInBrazil

704_LegalGuideForForeignInvestorsInBrazil

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Published by: Claudia Ruic on Feb 10, 2012
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The Brazilian Arbitration Law (Law 9.307 of 1996)68

accepts and endorses
international arbitration as an effective means of resolving disputes involving
patrimonial rights and parties capable to freely dispose of such rights. It places
no restriction on the use of arbitration rules of foreign or international arbitral
institutions, which is left to the discretion of the parties entering into an
arbitration agreement.

Though parties are fee to sign international contracts that establish the dispute
resolution mechanism of their choice, a foreign arbitral award or judgment
issued by a foreign court is only valid in Brazil once it has been recognized by
the Superior Court of Justice (STJ). The procedures for recognition of a foreign
arbitral award or a foreign court judgment are practically identical, and are

67

For the full text of the Protocol, see http://www.mj.gov.br/mercosul/RMJ/Documenta%E7%E3o/5_Pro
tocolo%20de%20Buenos%20Aires.pdf

68

For full text, see http://legislacao.planalto.gov.br/legislacao.nsf/Viw_Identifcacao/lei%209.307-
1996?OpenDocument

Legal Guide for Foreign Investors in Brazil

Legal Guide for Foreign Investors in Brazil

227

governed by STJ Resolution 9, of 2005.

The United Nations New York Convention on the Recognition and Enforcement
of Foreign Arbitral Awards of 1958, ratifed by Brazil in 2002, also applies to
recognition of foreign arbitral awards in Brazil.

Recent case law of the Federal Supreme Court (formerly the competent court
for such recognition) has generally been favorable to recognition of foreign
arbitral awards, especially after the enactment of the Arbitration Law of 1996,
which exempted the requirement of double homologation69

. Since STJ became
competent to issue recognition of foreign arbitral awards in 2004, it has been
ruling in favor of international arbitration involving parties domiciled in Brazil,
consonant to the New York Convention70
.

69

See SE 5206 AgR/EP – ESPANHA, Rapporteur Min. Sepúlveda Pertence, Tribunal Pleno,12/12/2001;
SEC-5828/NO, Rapporteur Min. Ilmar Galvão, Tribunal Pleno, 06/12/2000; SEC-5847/IN, Rapporteur
Min. Maurício Corrêa, Plenary, December 12, 1999

70

See SEC 802 / EX, 2005/0032132-9, Rapporteur Min. José Delgado, CE - Corte Especial, August 17, 2005;
SEC 856 / EX, 2005/0031430-2 Rapporteur Min. Carlos Alberto Menezes Direito, CE - Corte Especial,
May 18, 2005

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