Dr. Clerides writes: "Arbitration in Cyprus is a dispute settlement procedure gaining ground as an acceptable form of settling disputes. Dr. Christos Clerides, Associate Professor of Law in the European University has acted as an arbitrator in Commercial Cases and has also played a role as a mediator in numerous cases.
The new EU Directive 2008/152/EC recognises the importance of mediation and will be implemented by domestic legislation in 2011. Foreign investors incorporate arbitration clauses in ‘Cyprus’ contracts. The Cyprus Government itself in contracts with Foreign Investors involving public works incorporates Cyprus arbitration clauses. Usually each contracting party i.e. The Republic of Cyprus and the Contractor each appoint a local advocate as their nominated arbitrator. They in turn appoint an Umpire who sits with them during arbitration proceedings normally being held at the Advocate’s Chambers. Depending on the nature of the arbitration, umpires offer expert knowledge of the subject matter involved. Arbitration proceedings are held under the Arbitration Law Cap. 4 as amended. The decision of the Umpire is final with reference to the Court being limited mainly on points of Law.
The procedure runs along the lines of the Civil Procedure Rules but is applied in a more flexible manner. Evidence is usually heard in the form of witnesses written statements. The rules of evidence are applied in a flexible manner especially, after the abolition of the Hearsay Rule since 2004 by a Law amending the Evidence Law CAP. 9.
Experienced advocates are well conversant with commercial contracts, company law, and commercial law and their decisions are of a high standard. As officers of justice they render widely respected arbitration awards.
The Republic of Cyprus has ratified the UN Convention on the Recognition and Enforcement of Foreign Arbitration Awards 1958 by virtue of Law 84/79. It has also enacted the international Commercial Arbitration Law of 1987 and naturally, judgments of the Cyprus Courts are valid and recognised in all EU member states since the Republics Accession to the EU in 2004. The Supreme Court has dealt with arbitration proceedings as an Appeal Court on numerous occasions. English Law and practice is widely followed and arbitration proceedings are commenced in English language."
The author concludes the article; "Phoebus, Christos Clerides & Associates LLC has been practicing law in Cyprus for over 50 years. The firm has its main offices in Nicosia but has associates in the Limassol, Larnaca and Paphos districts. The firm has a very successful practice in all aspects of commercial law, family law, property law and taxation. It also specialises in human rights cases and has numerous cases in the European Court of Human Rights in Strasbourg. The firm has extremely high professional standards and routinely achieves successful results for clients. "