International Arbitration 2024!

1 Arbitration Agreements

1.1 What, if any, are the legal requirements of an arbitration agreement under the laws of your jurisdiction?

Firstly, there are two laws governing arbitration proceedings in Cyprus: domestic arbitration proceedings are governed by the Arbitration Law of 1944, Cap. 4 (hereinafter "Cap. 4"); and international arbitration proceedings are governed by the International Commercial Arbitration Law 101/1987 (hereinafter "ICAL"), which is an almost identical translation into Greek of the UNCITRAL Model Law. The ICAL was actually amended in February 2024 to bring it more in line with the amendments made to UNCITRAL Model Law in 2006 (the "ICAL Amendment").

The only requirement pursuant to the arbitration laws is that the arbitration agreement must be in writing in order to be enforceable. Despite the fact that there are no other formal statutory requirements, pursuant to the common law principles, the arbitration agreement must be clear and