GREECE Law and Practice Contributed by: John Dryllerakis, Claire Sergaki and Vasileios Plakoulas, Dryllerakis Law Firm
Dryllerakis Law Firm 5 Chatzigianni Mexi Street Athens GR 115 28 Greece Tel: +30 211 000 3456 Fax: +30 211 000 5200 Email: lawoffice@dryllerakis.gr Web: www.dryllerakis.gr
1. General 1.1 Prevalence of Arbitration Prevalence of International Arbitration
Lastly, the enforceability of the arbitral awards is also of pivotal importance, given that international treaties and national laws establish relatively straightforward and largely uniform procedures for enforcing interna - tional arbitral awards. Basis of Recourse to International Arbitration in Greece International arbitration is most frequently utilised as a dispute resolution method in agreements governed by Greek law. Although Greece is chosen as a seat for arbitration by domestic entities, it is not a preferred choice for foreign entities. Instead, venues such as Switzerland, France or the United Kingdom are fre - quently preferred as arbitration seats in agreements between domestic and foreign entities. 1.2 Key Industries International arbitration clauses are commonly included in agreements in sectors such as construc - tion, renewable energy and international trade. These industries typically involve complex and intricate agreements with significant financial stakes, such as share purchase agreements. Arbitration agreements are also frequently incorporated in contracts con - cluded with the state following public procurement procedures, particularly in defence contracts or con - cession agreements. International arbitration has increased significantly in such industries in recent years due to parties seeking a neutral forum to avoid potential biases of domestic courts whilst also bypassing the delays associated with traditional litigation proceedings.
International arbitration in Greece has been steadily gaining popularity over traditional methods of resolv - ing commercial disputes, with intricate, high-stakes or cross-border disputes now more likely to be resolved through international arbitration. Other alternative dis - pute resolution methods like extrajudicial conciliation and mediation are also steadily increasing, albeit to a lesser extent. Reasons Parties Opt for International Arbitration Parties choose to include international arbitration clauses in complex and extensively negotiated con - tracts. This is particularly the case for foreign enti - ties, which are more reluctant to resolve disputes with domestic entities before national courts, preferring the neutral forum of international arbitration instead. Parties often prefer arbitration over litigation not only for its tailored procedural framework, which offers flexibility in procedural matters like tribunal member selection and setting the timetable for arbitral pro - ceedings, but also for the confidentiality of the pro - ceedings, which offers assurance against reputational risks and is highly valued among international parties. Another fundamental advantage of arbitration is that parties can select their own “judge” (ie, their arbi - trator), ensuring confidence in the decision maker’s expertise and neutrality.
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