Commercial arbitration in Cyprus
The procedure for commercial arbitration is an integral part of international transactions. This is determined by the fact that a court in Cyprus often can be quite complex and ineffective process in concluding transactions with a number of states in the international arena. Arbitration is a method of settling disputes that are related to international activities in the territory of Cyprus. Now the application of this method is the most effective and justified means of eliminating problems.
The island of Cyprus is the optimal solution in choosing the place of arbitration. Such a decision will be argued by the local legal system governing the arbitration. Parties that are in a difficult position can take advantage of improved infrastructure, as well as advanced legal services. The island’s legal system is an analogue of a well-developed English law.
The basis of international commercial arbitration are issues that are based on commercial relations. In this case, the decision does not depend on the type of agreement (contractual or non-contractual). These include:
• representative offices of commercial type;
• joint ventures;
• commercial institutions;
• firms of business and industrial cooperation.
The list can be continued, since all possible forms of commercial companies and organizations are taken into account.
Each firm is allowed to develop arbitration clauses that can be included in commercial agreements of different types and directions. It is also stipulated in commercial agreements that regulate the issues on the announcement of the special arbitration procedure. Firms are allowed to act as a lawyer representing a party in arbitration, to prepare documents, to participate in preliminary meetings, and to participate in the processing of the entire procedure for hearing the proceedings.