GREECE Law and Practice Contributed by: John Dryllerakis, Claire Sergaki and Vasileios Plakoulas, Dryllerakis Law Firm
13.4 Consolidation As per Article 24.2 of Law 5016/2023, following a par - ty’s application, the arbitral tribunal may consolidate and adjudicate another dispute pending between the parties before the same arbitrators or before another arbitral tribunal (however, the latter is only possible upon the parties’ express agreement). The decision to consolidate shall be issued following the arbitral tribunal’s request to all interested parties to express their views, having regard to all circumstances. 13.5 Binding of Third Parties See 5.6 Jurisdiction Over Third Parties regarding the circumstances under which an arbitration agreement may be binding upon third parties. With respect to the res judicata effect of the arbitral award, Article 44.2.c of Law 5016/2023 explicitly stipulates that the arbi - tral award has such effect against third parties only if those parties are bound by the arbitration agreement.
bound by its mandatory “Code of Conduct for Arbi - trators”. Soft law texts such as the 2024 IBA Guidelines on Conflicts of Interest in International Arbitration and the 2024 UNCITRAL Code of Conduct for Arbitrators in International Investment Dispute Resolution provide useful guidance in terms of best practices, disclo - sure obligations and the continuous assessment of impartiality and independence throughout the arbitral process. Counsel participating in arbitration proceedings are subject to the professional standards adopted by Law 4194/2013 (Greek Code of Lawyers). 13.3 Third-Party Funding Law 5016/2023 provides no guidance on third-party funding. The possible usage of this scheme in arbi - tral proceedings in Greece has been the subject of debate, given that provisions to be potentially applied by analogy (eg, Article 60 of the Greek Code of Law - yers on “champerty”) introduce limitations to the third- party funder fees.
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