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About ArbitrationThe parties in Arbitration jointly appoint an arbitral tribunal to rule on their dispute; the tribunal will issue its award after hearing the case and examining the evidence produced by each party. The arbitral tribunal may consist of a sole Arbitrator or three Arbitrators. Where the parties have opted for three arbitrators, each party usually appoints an arbitrator and the two party-appointed arbitrators jointly select the third arbitrator (chair of the arbitral tribunal). Arbitrators are appointed among prominent professionals with wide experience and a deep knowledge of the subject-matter of the dispute. The parties are required to comply with the ruling of the arbitral tribunal (the arbitral award). The award is enforced just like a court judgment and either party may institute enforcement proceedings in case of non-compliance by the other party.
Legal frameworkEach jurisdiction has its own rules on arbitration, although most systems are based on the same set of rules (UNCITRAL model law). In Greece, domestic arbitration is regulated under Articles 867-903 of the Greek Code of Civil Procedure, while Greek Law No. 2735/1999 provides the framework for international commercial arbitration. Pursuant to the 1958 New York Convention, ratified by Greece back in 1961, arbitral awards are recognized in more than 150 countries.
Arbitrable disputesArbitration is widely used in the UK and the US, Switzerland, Germany, Spain, Singapore, China etc., as a method for resolution of domestic and international commercial disputes. The arbitration process is particularly helpful for resolution of disputes arising from international transactions, since it allows parties to resolve their dispute without having to undergo proceedings before a foreign court, in a foreign language. Arbitration is particularly suitable for resolution of the following disputes, among others:
- Disputes arising from sale and purchase agreements
- Disputes arising from commercial contracts
- Disputes in the framework of international transactions
- Construction disputes
- Shipping disputes
- Disputes in the energy sector
- Controversies as to intellectual property rights
- Controversies in the health sector
- Disputes in the tourism, transport and processing industries
- Any arbitrable dispute subject to arbitration under an arbitration clause
Arbitration vs MediationAn arbitral tribunal will hear the case and examine evidence, following which it will rule on the case by means of an arbitral award that is binding on the parties. A mediator, on the other hand, does not issue a decision nor does he or she impose any solution; he or she will actually assist the parties in reaching a negotiated resolution agreement themselves.
- A detailed comparison between Mediation and Arbitration is available here.
- For further information on Mediation please press here.
Advantages & BenefitsCommercial Arbitration emerged in England towards the end of the 18th century, but really took off, reaching its current status, throughout the 20th century. Thus, the few past decades have passed down a successful arbitration model, whereby an arbitral tribunal issues an award with the validity of a court decision. Because of its various advantages, commercial arbitration is seemingly becoming the preferred dispute resolution method for disputes arising from all types of commercial transactions; parties doing business together often opt for including an arbitration clause in their business contracts, to prevent complexities by making sure in advance that any dispute arising from the transaction in question will be resolved by recourse to arbitration. Commercial Arbitration is used to resolve a wide spectrum of commercial disputes; it should be distinguished from other types of arbitration, such as sports arbitration, labor arbitration or consumer arbitration.
Why Arbitration?If you opt for Arbitration, you can expect to benefit from its various advantages: Enforceable title, an equivalent to a court decision The arbitral award is considered an enforceable title under the applicable law. In case of non-compliance of the other party, you can directly seek its enforcement in court. Prompt resolution of your dispute Attractive timeframe of the arbitral proceedings, which are concluded within 6 months of constitution of the arbitral tribunal (an extension can be granted upon agreement of the parties or at the discretion of the tribunal). Attractive pricing policy Cost-effective in comparison to litigation. Prominent Arbitrators from Greece and abroad, whose services are available at very competitive fees. Appointment of an impartial tribunal The members of the arbitral tribunal are appointed among Arbitrators included in the EODID roster of neutrals; the parties may opt for an Arbitrator not included in our roster. Where necessary, the EODID Arbitration Board assists the parties in appointing an arbitral tribunal which meets the requirements of independence and impartiality, taking into account the particular features of the case. A fair ruling, in accordance with the law Entrusting the dispute to the legal expertise of the arbitral tribunal provides a guarantee of protection of your legal rights. With all confidentiality guarantees Pursuant to the EODID Arbitration Rules, unless otherwise agreed by the parties, all those involved in the arbitral proceedings under any capacity whatsoever are bound by confidentiality requirements; this duty persists after conclusion of the proceedings. If you want to send us a Mediation or Arbitration request, please press here.
EODID Arbitration RulesThe EODID Arbitration Rules are the outcome of several months’ work by a group comprising retired Judges, and active Academics and Lawyers with high expertise and wide experience in arbitration in Greece and abroad. The Arbitration Rules are fully in compliance with the best practices of the most successful international arbitration centers worldwide. Prior to their publication, the EODID Arbitration Rules have been reviewed by several legal counsels and businessmen, in order to ensure that they are in line with the real needs and current potential of the Greek and international legal and business community. Within the applicable legal framework, the EODID Arbitration Rules offer interested parties a flexible set of guidelines to resolve their dispute through arbitration.
EODID ArbitratorsEODID Athens collaborates with prominent Arbitrators from Greece and abroad, including:
- Judges (retired) with wide experience as sole arbitrators and/or members or chair of the arbitral tribunal;
- Academics from Greek and foreign Law Faculties, with an expertise in arbitration, both in terms of research and practice;
- Lawyers with arbitration know-how and practical experience both in domestic and international arbitration;
- Other professionals experienced in arbitration and dispute resolution in their respective industries (shipping, energy, construction etc.).
EODID Arbitration Services
Administration of Arbitral proceedingsEODID Athens administers arbitral proceedings instituted under an EODID arbitration clause. Arbitration administration services offered by EODID Athens include:
- Arbitrator(s) appointed among the EODID list of Arbitrators, comprising prominent Arbitrators from Greece and abroad;
- EODID Arbitration Board, to assist the parties in appointing Arbitrators upon request or in case of lack of party consensus as to the appointment;
- Administrative support by highly competent EODID staff with experience in managing arbitral proceedings;
- Adequately configured rooms, fully equipped with modern infrastructure;
- Other support services needed throughout the course of arbitral proceedings.
Hosting of Arbitral proceedingsEODID Athens offers Housing & Accommodation services at any stage of the arbitral proceedings. You can use its premises and accommodation services with regard to the entire arbitration or some parts thereof, depending on the needs of the particular case. EODID arbitration housing and accommodation services include:
- Hearing rooms, adequate for examination of witnesses (modern recording equipment, different room arrangements available depending on the needs of the particular case, etc.);
- Deliberation rooms for meetings of the arbitral tribunal;
- Additional rooms (private & breakout rooms);
- State-of-the art technical and audiovisual equipment (web access, projector, laptop, video & conference calls etc.);
- Recording of hearings and preparation of transcript by EODID staff, in printed and digital format;
- Interpretation and court reporting services upon request;
- Coffee breaks – light meals;
- Access to legal library and database (Greek law journals, manuals, legislation compendiums and commentaries).
Fast Track for Small Claims (claim value up to EUR 200,000)EODID Athens offers a fast track arbitration process for Small Claims. The fast track regime comprises special competitive arbitration fees and procedural amendments with a view to providing an accessible, flexible alternative for the arbitral resolution of small claims:
- Fast track arbitral proceedings where the amount in dispute does not exceed EUR 200,000;
- Sole arbitrator, written procedure only;
- Optional hearing (maximum 1 hearing);
- Arbitral award rendered within 30 working days of the constitution of the arbitral tribunal;
- Fixed reduced rates for the entire process.