GREECE Law and Practice Contributed by: Dimitris Babiniotis, Danae Papadatou and Emmanouil Mavrantonakis, Zepos & Yannopoulos
domestic, whereas arbitrations seated in Greece on international disputes are considered international. On the internationality of arbitration, Article 3 (2) of Law 5016/2023 adopts the criteria prescribed in Arti - cle 1 (3)(a) and (b) of the UNCITRAL Model Law. More specifically, an arbitration is deemed to be interna - tional if; • the parties to an arbitration agreement have, at the time of the conclusion of that agreement, their places of business in different states; or • one of the following places is situated outside the state in which the parties have their places of busi - ness: (a) the place of arbitration, if determined in – or pursuant to – the arbitration agreement; or (b) any place where a substantial part of the obligations of the commercial relationship is to be performed or the place with which the subject matter of the dispute is most closely connected. As of their issuance, both domestic and internation - al arbitral awards advance to res judicata and are enforceable without any further proceedings (Article 896 of the GrCCP and Article 43 of Law 5016/2023, accordingly). Arbitral awards are not subject to any means of appeal. Any party may apply to set aside an arbitral award rendered in Greece, provided that it has legal interest. The grounds for setting aside are exclusively enumerated in Article 897 of the GrCCP (for domestic arbitral awards) and in Article 43 (2) of Law 5016/2023 (for international arbitral awards). Pursuant to Article 43 (7) of Law 5016/2023, by express and specific agreement in writing, the parties may waive at any time their right to seek to set aside an arbitral award. In such case, the parties maintain the right to raise in the context of enforcement proceed - ings grounds that constitute setting-aside grounds. The filing of an application to set aside an arbitral award does not result automatically to stay of enforce - ment. Pursuant to Article 899 (3) of the GrCCP, upon the filing of an admissible application to set aside, the applicant may apply for stay of enforceability of the arbitral award. The application for stay of enforce -
ability is tried in accordance with the provisions of the GrCCP on interim measure proceedings (Articles 686 et seq). It is admitted if the court is satisfied that at least one of the grounds for setting aside put forward is likely to be valid. Foreign Awards On the basis of the territoriality principle, arbitral awards rendered by arbitral tribunals seated abroad are considered foreign. In contrast to arbitral awards rendered in Greece, the recognition of foreign arbitral awards and a declaration of their enforceability are required. Enforceability of Foreign Awards Recognition of foreign arbitral awards and declara - tions of their enforceability are governed by the New York Convention. On 18 April 1980, Greece proceeded to make the reservations of reciprocity and commerci - ality, in accordance with Article 1 (3) of the New York Convention. Nonetheless, both reservations have been rendered moot, given that – under Article 45 (1) of Law 5016/2023 – the New York Convention con - trols the recognition and enforcement of any foreign arbitral award. 4.2 Variations in Approach to Enforcement of Arbitral Awards As already mentioned in 4.1 Legal Issues Concerning Enforcement of Arbitral Awards , arbitral awards ren- dered in Greece are enforceable as of their issuance. Enforcement is governed by Articles 904 et seq of the GrCCP. Once declared enforceable in Greece, foreign arbitral awards are enforced the same way – ie, pursu - ant to the above-mentioned provisions of the GrCCP. 4.3 Categories of Arbitral Awards Not Enforced Please refer to 2.1 Types of Domestic Judgments and 3.3 Categories of Foreign Judgments Not Enforced . Only arbitral awards upholding performance claims are enforceable. Awards ordering interim relief meas - ures are also enforceable. Arbitral awards of declara - tory nature or constitutive effect are not enforceable. 4.4 Process of Enforcing Arbitral Awards Please refer to 4.2 Variations in Approach to Enforce- ment of Arbitral Awards . Procedural matters pertain -
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