GREECE Trends and Developments Contributed by: John Dryllerakis, Claire Sergaki and Vasileios Plakoulas, Dryllerakis Law Firm
often leading to consolidated proceedings involving multiple agreements with identical arbitration clauses. M&A disputes M&A transactions are on the rise in Greece. As the country emerges from economic challenges, there has been a notable increase in both domestic and cross- border M&A activity. As a matter of fact, Greece led the Central and Eastern Europe region in terms of total M&A deal value for 2024. Arbitration agreements are frequently included in these transaction contracts and, consequently, several post-M&A disputes are adju - dicated before arbitral tribunals, which have a deep understanding of complex corporate law issues. A fair share of such transactions pertains to the tour - ism and the hospitality sector, upon which the Greek economy heavily relies. Disputes frequently arise in hotel M&A transactions and usually relate to a possi - ble breach of a warranty, or arise from a disagreement in relation to the consideration of the transaction. Stakeholders in the hospitality sector also value the efficiency and confidentiality of arbitral proceedings, as well as the enforceability of the arbitral award. As M&A activity continues to thrive in Greece, inter - national arbitration as an effective dispute resolu - tion mechanism shall play a crucial role in sustaining investor confidence. Artificial intelligence (AI) in arbitration Ever since the COVID-19 outbreak, there has been an ongoing trend of adopting smart technologies to improve the efficiency and quality of dispute resolu - tion proceedings by reducing costs and accelerating proceedings. One of the most powerful tools with the potential to reshape the arbitration process is genera - tive AI. AI tools are increasingly leveraged by arbitral tribu - nals to automate demanding tasks such as analysing and organising vast amounts of case-related data, structuring and cross-referencing evidence, distilling essential points from lengthy submissions or testi - monies, and offering real-time support during hear - ings through automated transcription and multilingual translation services.
The most renowned arbitration institutions have already developed practices to integrate the usage of AI. For instance, applications of AI are already assisting with the selection of arbitrators in American Arbitration Association (AAA) proceedings through the AAAi Panelist Search Tool. The AAA has also launched the ClauseBuilder AI, which is an AI chatbot that drafts custom AAA arbitration clauses appropriate for each and any case or dispute. The use of AI technology for the drafting and structur - ing of arbitral awards has become quite controversial. In fact, an AAA arbitral award was challenged before the US District Court for the Southern District of Cali - fornia on grounds that the sole arbitrator exceeded its powers under the arbitration agreement because it purportedly outsourced its adjudicatory role to AI. The judgment of the court is much awaited. Furthermore, the use of AI raises broader concerns about the integrity of the process. Cyber-attacks tar - geting AI systems and the feeding of AI with falsified evidence are but two examples that could compro - mise the fairness and reliability of the outcome. Con - fidentiality concerns also come into play, especially considering that AI is vulnerable to data breaches and unauthorised disclosures. Considering all the above pitfalls of AI usage in arbitra - tion, some arbitral institutions have actively engaged in the issuance of relevant AI guidelines. For instance, the Stockholm Chamber of Commerce (SCC) issued the “Guide to the use of artificial intelligence in cases administered under the SCC rules”, whilst the Silicon Valley Arbitration & Mediation Center (SVAMC) and the Chartered Institute of Arbitrators (CIArb) have issued their own “Guidelines on the Use of Artificial Intel - ligence in Arbitration”. While not issuing AI-specific guidelines, the ICC has published its Report on Lever - aging Technology for Fair, Effective and Efficient Inter - national Arbitration Proceedings as well as its “Over - arching Narrative on Artificial Intelligence” regarding the ethical usage of AI in general. In addition, the European Parliament and the Euro - pean Council have adopted the “Artificial Intelligence Act” (Regulation (EU) 2024/1689), which provides for the regulation of AI systems used in economic activi -
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