SIA members involved in setting up Cyprus Arbitration Centre

 In November 2011, the Cyprus Eurasia Dispute Resolution and Arbitration Center (CEDRAC) celebrated its inauguration with a conference in Nicosia, Cyprus. Members of the SIA played an active role in the creation of this new arbitration institution and will continue to do so in the future.

The CEDRAC is a new arbitration centre, focusing on providing excellence in alternative dispute resolution for the Southwest Eurasia/Middle East Region. The new institution will have its base of operations in Nicosia, Cyprus. Apart from its central geographical location in the Eurasia/Middle-East Region, Cyprus offers a commercially sophisticated legal system which has its roots in the Common Law. Cypriot arbitration law is based on the UNCITRAL Model Law and Cyprus is a member of the 1958 New York Convention for the Recognition and Enforcement of Foreign Arbitral Awards, whilst Cypriot courts have repeatedly demonstrated their commitment to supporting arbitration proceedings and their respect of party choice and autonomy. The CEDRAC facilities are located near the centre of Nicosia, and include arbitration rooms, private consultation rooms for the parties and a restaurant on site. Hearings may, however, be held in other locations in Cyprus or anywhere in the world. CEDRAC has its own Arbitration Rules, which were drafted and developed by the CEDRAC Court members following extensive research and consultation.

To celebrate the setting up of this new arbitration institute, an inaugural conference was held on 18 November 2011. Both Professor Dr. Loukas Mistelis and Dr. Stavros Brekoulakis (CCLS/SIA) participated in this conference as speakers. Professor Mistelis presented the new CEDRAC Rules, while Dr Brekoulakis discussed issues relating to complex arbitration proceedings. Professor Loukas Mistelis, who was actively involved in the drafting of the rules and the setting up of the centre, has been appointed as the Inaugural Chairman of the CEDRAC Court. This is the governing body of CEDRAC which will act as appointing authority and monitor and review the proper application of CEDRAC’s rules in cases brought under CEDRAC rules.

For more information on CEDRAC, the CEDRAC Rules or the inaugural conference, please click here.