The 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.
Each 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.
Arbitration 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 Mediation
An 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 & Benefits
Commercial 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.
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 Rules
The 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 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 proceedings
EODID 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.
Contact us if you are interested in using Arbitration to resolve your dispute.
Hosting of Arbitral proceedings
EODID 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).
Contact us to benefit from the housing & accommodation services offered.
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.
Contact us to submit a Fast Track Arbitration Request with EODID Athens.
Med–Arb & Arb–Med
EODID Athens offers a structured combination of both dispute resolution methods, on the basis of its Mediation and Arbitration Rules. The dispute is thus “divided” in smaller parts, each to be submitted the process that best matches its circumstances.
The parties may opt for the combined use of Mediation and Arbitration at the beginning of the resolution process, or after an independent mediation or arbitration process has been initiated.
Amicable resolution of matters that can be resolved in Mediation, with a guarantee of resolution of the remaining matters by an Arbitral Tribunal. The Mediator who handled the case in the mediation part of Med-Arb cannot be appointed as Arbitrator in that same case.
The parties are free to request the mediator to submit to the arbitral tribunal a report on the facts of the case, for acceleration purposes. The report does not cover confidential information disclosed to the mediator.
Upon initiation of the Arbitral proceedings the parties agree that should an amicable settlement opportunity arise, the arbitration shall be interrupted, and a mediation process shall be initiated. The members or chair of the arbitral tribunal cannot be selected as Mediators in this case.
The arbitral tribunal refrains from all steps of the mediation process. It resumes its activity following conclusion of the mediation, to rule on any matter not resolved in mediation.
Early neutral evaluation
EODID Athens offers interested parties the opportunity to consult a neutral expert with regard to the possible outcome of their case in the event that it were to be brought to litigation or arbitration.
The interested party selects a neutral expert among the individuals included in the EODID list of Arbitrators, and submits to EODID Athens the particulars of the case. EODID Athens transmits the file to the Expert, who in turn files with EODID a report in writing, within 30 days of receipt of the particulars of the case. Depending on the circumstances of the case (i.e. in case the interested party has submitted an active dispute), the report may include a non-binding resolution proposal or a referral to mediation.
With a view to ensuring impartiality and neutrality, the neutral expert cannot be subsequently appointed as mediator or arbitrator to resolve that same dispute previously submitted to their expertise.
The remuneration of the neutral expert is agreed on a case by case basis between EODID Athens and the interested parties.
Your Arbitration with EODID Athens
Stage 1 – Agreement to Arbitrate
An EODID Arbitration clause has been included in a contract between the parties, which is the origin of the dispute to be resolved.
In the alternative, the parties have signed an agreement to arbitrate, whereby they have opted to submit an existing dispute to EODID Arbitration.
Please consult your lawyer to adapt the EODID model Arbitration Clause to the circumstances of your case.
Stage 2 – Request for Arbitration
The “applicant” submits to EODID Athens a Request to Arbitrate (in person or by postal mail), making sure to provide the necessary number of copies (one copy for each party to the dispute, one copy for each arbitrator and one copy for EODID Athens).
EODID Athens certifies the copies and the applicant undertakes to notify the respondent of the Request; the respondent will then submit a Response to the request to arbitrate.
EODID Athens monitors the exchange of introductory briefs and makes all necessary arrangements for the appointment of arbitrators.
Stage 3 – Constitution of the Arbitral Tribunal
In case of a sole arbitrator, the parties agree to an arbitrator; if they cannot reach agreement, they entrust the EODID Arbitration Board with the appointment of the arbitrator.
In case of a three-member arbitral tribunal, each party appoints an arbitrator. Those two arbitrators jointly appoint the third arbitrator (chair of the arbitral tribunal). If they cannot reach agreement, the chair of the tribunal is appointed by the EODID Arbitration Board.
Stage 4 – Preliminary meeting
Once nominated arbitrators confirm their availability and the lack of any conflict of interest preventing them from confirming their participation, a preliminary meeting is held.
The preliminary meeting is to be scheduled within 15 days of constitution of the arbitral tribunal, its main purpose being setting the procedural norms and the schedule of the arbitral proceedings.
Stage 5 – Main proceedings
In accordance with the outcome of the preliminary meeting, the main part of the arbitral proceedings is held, including for example filing of pleadings and evidence by both parties, as well as one or more hearings, if required.
The arbitral tribunal notifies the parties and EODID Athens when it deems that all necessary steps have been taken and an award can now be issued.
Stage 6 – Arbitral award
The arbitral tribunal rules on the dispute brought before it by means of an arbitral award. EODID Athens notifies the parties of the arbitral award.
The arbitral award is issued within 6 months of the constitution of the arbitral tribunal. This period is extendable upon agreement of the parties or at the discretion of the tribunal with a view to accommodating the particular circumstances of each case.
How much does Arbitration cost?
Arbitrator fees for hearing and processing the dispute are established based on the value of the claim and depend on the number of arbitrators constituting the arbitral tribunal (sole arbitrator or three-member tribunal).
EODID administrative fee
Administrative fees are established based on the value of the claim, and cover the organizational needs of the proceedings and the administrative support provided until the issue of the arbitral award.
Housing & Accommodation expenses
The total amount of Housing & Accommodation expenses depends on the number of hearings and deliberations held throughout the arbitral proceedings.
For legal assistance services provided throughout the arbitral proceedings.
Third party fees
Established on the basis of the particular needs of each case, if applicable. Examples of such fees include those corresponding to expert evidence, interpretation and translation services etc.
Read more about the EODID Athens arbitration costs & fees policy (Annex V to the Arbitration Rules) and contact us to be informed of the total cost of arbitration for resolution of your dispute.