'International arbitration comparative guide'

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1. Legal Basis

1.1 What legislation governs arbitration in your jurisdiction? Are there any significant limitations on the operation of the law - for example, does it cover oral arbitration agreements? The legislative framework governing arbitration in Cyprus includes the following statutes: the Arbitration Law (Chapter 4): this basic law defines the general principles and procedures governing arbitration in the jurisdiction. International Commercial Arbitration Law (101/1987) (the "ICA Law"): this law is based on the UNCITRAL Model Law of 1985 and applies exclusively to''matters of international commercial arbitration. New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards: Cyprus formally ratified this convention under Law 84/1979. It is a key instrument for the recognition and enforcement of foreign arbitral awards. The Law on the Recognition, Registration and Enforcement of Foreign Judgments (121(I)/2000) establishes a framework for the recognition, registration and enforcement of foreign judgments in the jurisdiction. In accordance with the above legal framework, the only formal requirement for the conclusion of an arbitration agreement is that it be in writing in accordance with the''section 7 of the ICA Act and section 2(1) of the Arbitration Act.

1.2 Does this legislation distinguish between domestic arbitration and international arbitration? If so, how is each defined? The legal framework in Cyprus distinguishes between domestic and international commercial arbitration: the Arbitration Law applies to domestic arbitration; and the ICA Law applies to international commercial arbitration. Under section 2(4) of the ICA Law, "commercial" arbitration is defined as disputes arising out of commercial relationships, whether contractual or not. In addition, an arbitration is classified as "international" if at least one of the following conditions is met: At the time the arbitration agreement was entered into, the parties had their''legal places of business in different states. Any of the following places are not in the States in which the parties have their principal places of business: the place of arbitration, if designated in or pursuant to the arbitration agreement; or any place where a substantial part of the obligations arising out of the commercial relationship is to be performed or the place to which the subject matter of the dispute is most closely connected. The parties have expressly agreed that the arbitration relates to more than one country. These criteria provide clear guidelines for determining whether an arbitration relates to international commercial arbitration, thereby ensuring the appropriate application of the ICA Act in such cases.

1.3 Whether the law on''arbitration in your jurisdiction on the UNCITRAL Model Law on International Commercial Arbitration? Yes. The ICA Law is largely consistent with the original 1985 UNCITRAL Model Law on International Commercial Arbitration. There are no substantive differences between the ICA Law and the UNCITRAL Model Law on International Commercial Arbitration.

1.4 Are all legal provisions in your jurisdiction binding? The legal provisions referred to in question 1.1 relating to the following matters are mandatory: validity of the arbitration agreement; making of awards; procedure for recognition and enforcement of awards; and jurisdiction and competence of the court over arbitrations''procedures.

1.5 Are there any planned changes to the arbitration laws in your jurisdiction? No initiatives to reform the arbitration laws of Cyprus are under consideration.

1.6 Is your jurisdiction a party to the New York Convention? If so, have any reservations been made?

Cyprus is a party to the New York Convention, the obligations of which were enshrined by the ratification of Law 84/1979. The Convention contains a reciprocity clause obliging Cypriot courts to recognize and enforce arbitral awards originating in other states parties to the New York Convention.

1.7 Is your jurisdiction a signatory to any other treaties affecting arbitration? Cyprus is a party to''Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States. In addition, Cyprus has concluded bilateral investment treaties with numerous states.

2. Issues of arbitrability and limitations on arbitration

2.1 How is it determined whether a dispute is arbitrable in your jurisdiction? The following matters are categorized as non-arbitrable on a legal basis: family law matters; criminal matters; disputes involving minors; disputes involving ownership of real estate or real property; and bankruptcy or insolvency proceedings.

2.2 Are there any restrictions on the choice of seat of arbitration for certain disputes? No. However, in'In the context of domestic arbitration, the prevailing practice is to choose Cyprus as the preferred seat of arbitration.

3. Arbitration Agreement

3.1 What are the requirements for the validity of an arbitration agreement in your jurisdiction? As far as legal prerequisites are concerned, the only formal legal requirement for a valid and enforceable arbitration agreement is that it be in writing.

3.2 Are there statutory provisions or other legal sources in your jurisdiction that address the arbitration agreement's self-sufficiency? Under section 16(1) of the International Commercial Arbitration Act, an arbitration clause contained in a contract is considered''process.

4. Objections to jurisdiction

4.1 When must a party raise an objection to the tribunal's jurisdiction and how can that objection be raised? A party to arbitral proceedings has the right to raise an objection to the jurisdiction of the arbitral tribunal either before or at the same time as filing an application to protect its interests. The specific procedure for raising such an objection may vary depending on the procedural rules governing arbitration. These rules usually detail the specific steps and timelines for raising jurisdictional objections, providing the parties with an opportunity to address such issues within the established order of the arbitration process.

4.2 Whether a tribunal may consider its''own jurisdiction? The competence-competence principle is explicitly expressed in section 16 of the International Commercial Arbitration Act ('ICA Act'). This provision confirms the power of arbitral tribunals to resolve issues relating to their own jurisdiction, even if there are issues relating to the existence or validity of the arbitration agreement.

4.3 Can a party ask the court of the seat of arbitration to decide the tribunal's jurisdiction? In what cases? Under section 16(3) of the MCA Act, where the jurisdiction of an arbitral tribunal is challenged and the tribunal decides that the dispute does fall within its jurisdiction, any party concerned has the right to challenge that decision of the tribunal''before the tribunal. Such an appeal must be filed within 30 days of receipt of the tribunal's decision.

5. Parties

5.1 Are there any restrictions on who can be a party to a