RECOGNITION AND ENFORCEMENT OF INTERNATIONAL ARBITRATION AWARDS IN LATIN AMERICA
CD: Could you provide a brief overview of arbitration across Latin America? To what extent is this dispute resolution method well-supported by local legal frameworks?
Ossa: There is a wide array of situations in Latin America with respect to arbitration. In very general terms, however, there is a steady growth of arbitration as the main dispute resolution mechanism for commercial disputes. With the egregious exception of Argentina and Uruguay, the leading jurisdictions have adopted the Model Law. Some countries such as Peru have even enacted the Model Law with the amendments introduced in 2006. Also, both practitioners and the judiciaries have become more sophisticated and increasingly embrace international arbitral standards.
Gosis: Many if not most jurisdictions in Latin America have adopted modern arbitration legislation in the last 20 years, and each individual legal community is currently thriving with local talent. Separate from the local domestic arbitration communities of each jurisdiction, there has been a tremendous growth of pan-Latin American arbitration practices based in the region and they are expanding their reach to other jurisdictions in the continent. It is not uncommon to see Latin American firms acting as leading counsel against major US or European practices. While there is still room for improvement, in some discrete legal frameworks, the overall map of the region shows a mature regulation of arbitration.
Jul-Sep 2015 issue
Claro & Cia
Gomm & Smith
Pinheiro Neto Advogados
Skadden, Arps, Slate, Meagher & Flom LLP
Von Wobeser y Sierra