Arbitration: A Modern Legal Choice for Resolving Business Disputes
Arbitration has become a preferred method for resolving commercial disputes, especially in today’s fast-paced business environments where speed, confidentiality, and legal expertise are essential. Instead of resorting to state courts, parties increasingly choose arbitration as an alternative dispute resolution method for issues arising from business agreements.
Arbitration Agreements: Legal Certainty & Strategic Foresight
An arbitration clause is typically embedded in a contract, serving as a clear agreement between the parties to resolve any future disputes through arbitration. Its legal enforceability depends on precise wording, sound legal drafting, and clear provisions regarding essential elements such as:
- The composition of the arbitral tribunal
- The seat of arbitration
- The applicable law
Greece’s updated legal framework (Law 5016/2023), aligned with the UNCITRAL Model Law, has significantly strengthened the effectiveness and reliability of arbitration agreements.
Jurisdiction and Tribunal Authority
Under the principle of kompetenz-kompetenz, the arbitral tribunal has the authority to rule on its own jurisdiction. This reinforces the independence of arbitration and limits court interference—except in exceptional circumstances. This legal approach provides security for contracting parties and builds trust in the arbitration process.
International Arbitration in Greece
Greece’s modernization of its arbitration legislation through Law 5016/2023 positions the country as an increasingly attractive hub for international dispute resolution. By adopting the UNCITRAL Model Law, Greece ensures:
- Legal certainty
- Predictability
- Easier cross-border recognition and enforcement of arbitral awards
Advantages of Arbitration for Businesses and Individuals
Arbitration offers several key benefits tailored to the needs of modern businesses and high-stakes private disputes:
- Speed: Faster resolution compared to traditional litigation
- Confidentiality: Protection of sensitive commercial or corporate information
- Expertise: Choice of arbitrators with domain-specific knowledge
- Flexibility: In choosing the place, law, and language of the proceedings
- Enforceability: International recognition of arbitral awards under the New York Convention
Legal Support for Arbitration Matters
At Papatriantafyllou & Thanasenari, we offer comprehensive legal representation in arbitration proceedings—domestic and international—with a strong focus on protecting our clients’ interests at every stage of the process.
Disclaimer: This publication is intended for informational purposes only and does not constitute legal advice. Professional legal guidance should always be sought before acting on any information contained herein.