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[null,"Prepared By:","Contributors:"]
[null,"Chrysostomides Advocates & Legal Consultants","Victoria Papagiannis"]
[]
[]
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["Lex Mundi Global Arbitration Institutions Guide"]
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["Report Generated: 5/1/2025"]
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["View your report results on next tab"]

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["Question","Cyprus"]
["Lex Mundi Global Arbitration Institutions Guide"]
["Name of Arbitral Institution; with abbreviation, if any.","There are three main arbitral institutions operating in Cyprus: (a) the Cyprus Chamber of Commerce and Industry (\"\nCCCI\"); (b) the Cyprus Arbitration and Mediation Centre (CAMC); and (c) the Cyprus Eurasia Dispute Resolution and Arbitration Centre (\"\nCEDRAC\").\n"]
["Where is the seat of the Arbitral Institution?","CCCI: Nicosia\nCAMC: Limassol\nCEDRAC: Nicosia\n"]
["Is there an umbrella organization for the Arbitral Institution?","No.\n"]
["How is the Arbitral Institution structured?","CCCI is a private corporate body governed by a Council, coordinated by an Executive Committee and a Secretariat. CAMC is a non-profitable organization operated by a Board of Directors. The CEDRAC governing body is the CEDRAC Court.\n"]
["Is there a compulsory list of arbitrators that parties are required to choose from?","No, all parties are free to choose and appoint whomever they wish to act as arbitrator(s). However, the CAMC usually operates on the basis of a pre-existing list of arbitrators.\n"]
["Can the place of arbitration freely be chosen by the parties? Is there a default place of arbitration?","Yes, parties are free to choose the place of arbitration. If they fail to do so, the place of arbitration shall be subject to the choice of the Arbitral Institution, which shall take into consideration the circumstances of the case and the parties involved. Neither Cyprus law nor any of the abovementioned Arbitral Institutions’ rules determine a default place of arbitration.\n"]
["What is the amount of the registration fee?"," The CAMC has a filing fee set out in Appendix A of their Rules. \n\n The CEDRAC’s filing fee varies in accordance with the amount in dispute, as follows: \n\n \n\t Up to €50,000: €750 \n\t €50,001-€100,000: €1,200 \n\t €100,001-€500,000: €2,500 \n\t €500,001-€1,000,000: €3,500 \n\t €1,000,001-€5,000,000: €5,000 \n\t €5,000,001-€10,000,000: €7,500 \n\t €10,000,000 and above: €10,000 \n \n\n The CCCI does not have a fixed registration fee. \n"]
["What is the average cost of an arbitration in the following cases? 1 arbitrator, amount in dispute = $1 million","N/A\n"]
["What is the average cost of an arbitration in the following cases? 3 arbitrators, amount in dispute = $10 million","N/A\n"]
["What is the average cost of an arbitration in the following cases? 3 arbitrators, amount in dispute = $100 million","N/A\n"]
["Who pays advances on costs? What happens in the event of default?","Under the CAMC Rules, the arbitral tribunal may request the parties to deposit an equal amount as an advance payment for the applicable relevant costs.\nThe Secretary-General of CEDRAC, after consulting with the arbitral tribunal, prepares an estimate of the costs of arbitration and requests the parties to deposit equal advance payments.\nIt is specified in both rules of the aforementioned Institutions that, if the required deposits are not paid in full within 30 days after the receipt of the request, the arbitral tribunal shall so inform the parties in order that one or more of them may make the required payment. If such payment is not made, the arbitral tribunal may order the suspension or termination of the arbitral proceedings.\n"]
["Does the Arbitral Institution have formalistic procedures (e.g. terms of reference) that must be complied with? If so, which ones?","CEDRAC Rules allow for the arbitral tribunal to request CEDRAC to prepare, with the parties, a draft of terms of reference. A preliminary meeting may also be conducted for signing the terms of reference and for organizing the applicable schedule and subsequent proceedings.\nThe ICC Rules, which are usually applied by the CCCI in the context of arbitrations taking place under its auspices, explicitly provide for terms of reference to be drawn upon the basis of documents or in the presence of the parties and in light of their most recent submissions. These terms must be signed by the parties and arbitral tribunal.\n"]
["Which languages can be used for communication with the Arbitral Institution?","The parties are free to choose the language(s) to be used in the arbitration proceedings and in their communication with the respective Arbitral Institution, although the most frequently used ones are Greek and English. If there is no language provision in the arbitration agreement, the Arbitral Institution shall determine the language(s) to be used in the proceedings.\n"]
["Who is the main point of contact for the parties within the Arbitral Institution?","CEDRAC:\nMarcos Dracos, Secretary of the Court and Registrar\n\n\nTel: +357 99 426861\n\n\nEmail: marcos.dracos@cedrac.org\nCCCI: N/A\nCAMC: N/A\n"]
["Are there restrictions on the language that the arbitration may be conducted in?","No.\n"]
["Who appoints substitute arbitrators?","Parties may appoint a substitute arbitrator following the same procedure as the appointment of an initial arbitrator. As such, if the parties fail to make an appointment, the Arbitral Institution shall make it.\n"]
["Are there specific regulations for multi-party arbitrations or joinders to the proceedings?","There are no specific regulations for multi-party arbitrations or joinders under Cyprus Law.\nPursuant to the CAMC Rules, the arbitral tribunal may allow one or more third persons to be joined in the arbitration as a party unless the tribunal finds that joinder should not be permitted because of prejudice to any of those parties.\nThe CEDRAC Rules set out that, in multi-party arbitration proceedings, the parties may agree on the number and means of appointing arbitrators.\n"]
["Are oral hearings compulsory?","In the absence of any agreement between the parties on this matter, it shall be up to the arbitral tribunal to decide whether an oral hearing will be required. Both the CAMC and CEDRAC rules stipulate a party’s right to request hearings at any stage of the proceedings.\n"]
["What are common evidence-taking practices?","In the context of international commercial arbitrations (as governed by the eponymous Cyprus Law No. 101/1987), an arbitral tribunal is free to determine the admissibility, relevance, materiality and weight of any evidence, as well as the time, manner and form in which such evidence is to be exchanged and produced, unless the parties expressly agree otherwise. An arbitral tribunal (or any of the parties, following approval by the tribunal) may also ask the Court’s assistance in the taking of evidence.\nThe parties’ statements of claim and defense should be accompanied by all documents and other evidence relied upon or referred to therein. Moreover, each party bears the burden of proving the facts they rely on to support their claim/ defense.\nWith regard to domestic arbitrations governed by the Arbitration Law, CAP. 4, the Civil Procedure Rules currently in force in Cyprus shall normally apply, unless there are other applicable rules.\nIn general, IBA Rules are considered to provide useful guidance in terms of evidence-taking.\n"]
["What is the average duration of arbitration proceedings?","Arbitration proceedings will generally take between six months to one year to be completed. However, it is difficult to estimate an average as the duration will vary greatly depending on the complexity of a case, the number of the involved parties, number of witnesses to be called upon to testify, and other similar factors.\nStill, arbitration proceedings tend to be more time-efficient than normal court proceedings pursued in the Republic of Cyprus.\n"]
["What is the timeframe for rendering the award?","While the Cyprus Arbitration Law, Cap 4 (governing domestic arbitral proceedings), requires arbitrators to act with all due expediency, no time limit is expressly provided under this or any other Cyprus Law, nor by the rules of CEDRAC or CAMC. Alternatively, the CCCI’ s arbitrations, in which ICC Rules usually apply, provide for a time frame of six months.\n"]
["Are extensions to time limits permissible?","As far as domestic arbitral proceedings are concerned, the time frame for the rendering of an award which has been fixed by the tribunal may be extended with a Court order, regardless of whether the time limit has passed or not.\nUnder the ICC Rules (usually applied by the CCCI), the time limit may be extended following a request from the arbitral tribunal.\n"]
["Can the arbitral tribunal impose interim measures? Is there a competing competency of the ordinary courts with regard to interim measures?","In the absence of any agreement to the contrary, arbitral tribunals carrying out international commercial arbitrations may issue interim measures of a protective nature in the form of interim relief of protection, as they deem fit in the circumstances in respect of the subject matter of each dispute. Furthermore, arbitral tribunals in both domestic and international arbitration proceedings may also order the granting of security for costs, as per their discretion.\nUnder Cyprus Law, national courts are enabled to issue interim orders in support of both international and domestic arbitral proceedings. In relation to the former, national courts have the power to issue provisional measures in aid of arbitral proceedings, either in anticipation thereof or following the commencement of the said proceedings, regardless of where they are or will be initiated. As for the latter, courts may issue a number of orders in the context and in support of domestic proceedings, including the issuance of interim relief.\nIt should be noted that the issuance of interim measures by national courts is not deemed to have any effect on the jurisdiction of an arbitral tribunal, nor does it preclude its power to issue any order on similar matters in the context of the proceedings. Ergo, the courts’ powers are considered to be concurrent to the tribunal’s powers in issuing injunctive relief.\n"]
["Do the institutional rules provide for an emergency arbitrator?","Neither Cyprus Law nor the rules of the CAMC or CEDRAC provide for the appointment of an emergency arbitrator. The CCCI, on the other hand, normally applies the ICC Rules and therefore allows for such an appointment.\n"]
["Are there any specific regulations for expedited proceedings? If so, is there a deadline for rendering such an award?"," There are no regulations specific to expedited proceedings under Cyprus Law. However, the CEDRAC Rules do in fact provide for an expedited procedure, according to which: \n\n \n\t The time limit for the appointment of arbitrators may be shortened; \n\t Unless the parties agree that the dispute shall be decided solely on the basis of documentary evidence, then the arbitral tribunal shall hold only a single hearing for the examination of witnesses, expert witnesses as well as for oral arguments; and \n\t The award shall be rendered within six months from the date when the Center transmitted the file to the arbitral tribunal. The ICC Rules, which the CCCI tends to apply, also provide for an expedited procedure \n \n"]
["Are arbitral awards submitted for scrutiny? If so, to whom?","A party to an international commercial arbitration may, with notice to the other party and within 30 days from the date of receipt of the award (or in accordance with any other time period agreed between the parties), request the arbitral tribunal to correct any errors in computation, typography or of such similar nature in the award. The tribunal may correct such errors on its own initiative, within 30 days of the date of the award.\nFurther, by notice again to the other party, a party may request the arbitral tribunal to interpret a specific point or part of the award, provided there is an agreement of the parties to this effect.\nThe CCCI normally applies the ICC Rules, under which awards must be submitted for scrutiny before they are signed.\nThe CEDRAC Rules set out the same requirement for an award to be approved before it can be rendered.\nThe CAMC Rules do not provide for the scrutiny of an award.\n"]
["Do costs necessarily follow the event?","Both CAMC and CEDRAC Rules set out that the arbitral tribunal shall fix the costs of arbitration in the final award and, if it deems appropriate, in another decision. Under the ICC Rules, which the CCCI tends to apply, the final award shall also fix the costs of the arbitration and decide which of the parties shall bear them.\nPursuant to the Cyprus Arbitration Law, Cap 4, which governs domestic arbitral proceedings, any provision in an arbitration agreement as to the costs of the reference or the award shall be void\n"]
["Can an arbitral award be annulled in your jurisdiction? If yes, do the reasons for annulment in principle correspond to the reasons for denial of enforcement according to the New York Convention?\n"," An arbitral award may be challenged before a national court within three months from the date on which the party making the application has received the award, only in the following circumstances: \n\n \n\t A party proves that the agreement was not valid; \n\t A party proves that it was not given proper notice of the appointment of an arbitrator or of the proceedings or was unable to present its case; \n\t A party proves that the award deals with a dispute not falling within the terms of the submission to arbitration, or contains decisions beyond the scope of arbitration; \n\t A party proves that the composition of the tribunal was in breach of the agreement of the parties or of the law; \n\t The court finds the subject matter of the dispute is not capable of settlement by arbitration under the laws of Cyprus; or \n\t The court finds that the award is in conflict with the public policy of Cyprus. \n \n"]
["Link to institutional rules","The CAMC Rules: \nhttp://cyprusarbitration.org.cy/section-i-introductory-rules/The CEDRAC Rules: \nhttp://www.cedrac.org/wwwroot/cedrac_rules_main.htmThe ICC Rules: \nhttps://iccwbo.org/dispute-resolution-services/arbitration/rules-of-arbitration"]
["Link to model clause","CAMC: \nhttp://cyprusarbitration.org.cy/model-arbitration-clause-for-contracts/CEDRAC: \nhttp://www.cedrac.org/wwwroot/cedrac_model_clauses.htmICC: \nhttps://iccwbo.org/dispute-resolution-services/arbitration/arbitration-clause/\n"]