International Commercial Arbitration at Greece
Here’s a detailed overview of International Commercial Arbitration in Greece:
International Commercial Arbitration in Greece
1. Legal Framework
Arbitration in Greece is governed by Law 2735/1999 on arbitration, which implements the UNCITRAL Model Law on International Commercial Arbitration for international arbitration cases.
For domestic arbitration, the Greek Code of Civil Procedure contains relevant provisions.
Greece is a signatory to the 1958 New York Convention on the recognition and enforcement of foreign arbitral awards.
2. Arbitration Institutions
The Athens Arbitration Centre is the primary arbitration institution in Greece, administered by the Athens Chamber of Commerce and Industry (ACCI).
Parties may also use international institutions such as the ICC, LCIA, or SCC.
3. Key Features
Arbitrability: Most commercial disputes are arbitrable; however, disputes involving criminal law, family law, or certain public policy matters cannot be arbitrated.
Arbitration Agreement: Must be in writing and can be part of the contract or a separate agreement.
Procedural Flexibility: Parties may choose the number of arbitrators, language, place of arbitration, and applicable rules.
Court Involvement: Greek courts have a limited but important role in arbitration, such as confirming arbitration agreements, appointing arbitrators in certain cases, and enforcing or annulling awards.
Confidentiality: Arbitration proceedings are generally confidential, though Greek law does not expressly mandate it.
4. Enforcement of Awards
Arbitration awards are enforceable in Greece under Law 2735/1999.
Foreign awards are enforceable under the New York Convention, with limited grounds for refusal (public policy, due process violations).
Greek courts generally show a pro-arbitration stance in enforcement matters.
5. Advantages
Greece’s adoption of the UNCITRAL Model Law provides a modern, internationally harmonized arbitration framework.
Access to experienced arbitrators and international arbitration institutions.
Arbitration provides an effective alternative to the slower Greek court system.
6. Challenges
Occasional delays in court intervention procedures (e.g., during award annulment).
Limited local case law on arbitration, though improving.
Potential language barriers if proceedings are conducted in Greek and parties are foreign.
7. Recent Developments
Efforts are underway to promote Greece as an arbitration-friendly jurisdiction to attract international commercial disputes.
Modernization of arbitration rules by the Athens Arbitration Centre.
Summary
Greece offers a robust and internationally aligned framework for international commercial arbitration under Law 2735/1999 and adherence to the New York Convention. The Athens Arbitration Centre is the main local institution, but parties frequently use international centers. Arbitration is an effective way to resolve disputes in Greece, supported by modern legislation and generally pro-arbitration courts.
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