Resolving domestic & international disputes through arbitration in the Republic of Cyprus requires that all arbitration agreements be in written form. International arbitrations are regulated by Act #101/87, while domestic ones are governed by Chapter IV. Chapter IV contains no description of an arbitration agreement in written form, whereas under Act #101/87, signing an arbitration agreement in Cyprus requires it to be in written form if it represents a document bearing signatures of both parties. If a letter, telegram or any other means of communication contain an arbitration clause, it must also be taken into consideration.
Cyprus: Regulation of Arbitration
Based on the UNCITRAL Model Law, Act #101/87 contains all obligatory provisions thereof. In its turn, Chapter IV contains no binding provisions requiring parties to comply with any arbitration criteria; however, it does provide Cypriotic courts with extensive powers to supervise arbitrations in Cyprus.
Neither Chapter IV nor Act #101/87 state any particular deadlines for rendering arbitration awards. However, they do contain contractual timeframes within which arbitration in the Republic of Cyprus is required to take place.
It’s required that an international arbitration award be delivered in writing & include signatures of all arbitrators. Also, it must state reasons on which it’s based. Chapter IV says nothing about the form & content of awards rendered domestically. However, it does state that awards rendered domestically can be overturned by courts, provided that bad faith was detected while resolving a dispute by arbitration in the Republic of Cyprus or arbitrators failed to comply with rules of professional conduct.
Appealing an international arbitration award in Cyprus is possible in the event of:
- parties’ incapacitation;
- invalidity of an agreement;
- improper notification of parties;
- prevention of parties from presenting their cases;
- tribunal’s insufficient jurisdiction;
- inconsistency of an arbitration procedure with an agreement;
- settling a dispute in the Republic of Cyprus is impossible as per Cypriotic legislation;
- a decision is inconsistent with the public policy of Cyprus.
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