Recent Changes In International Commercial Arbitration Under The Greek Law 5016/2023

Recent changes in International Commercial Arbitration under the Greek Law 5016/2023

Introduction

The recent Law 5016/2023 on International Commercial Arbitration in Greece is a reality, effective from 1^st of May 2023. It is a law with a civil procedure law approach. This law attempts to modernise the regulations for international commercial arbitration and to harmonise the provisions of national law with the Model Law of the United Nations Commission on International Trade Law (UNCITRAL), as updated in 2006. Bylaw 5016/2023 repeals Law 2735/1999, while it is worth mentioning that for reasons of legal certainty the provisions on internal arbitration of the Greek CCC and international arbitration were not unified.