Alternative Dispute Resolution

Description

Alternative Dispute Resolution

Business in Cyprus is becoming more aware of the relevance and usefulness of ADR processes. Its membership of the European Union and the geographical location of Cyprus makes it an ideal center for resolving international disputes.We understand the huge benefits that ADR can bring to a commercial dispute. We are able to conduct both domestic and international disputes. ADR dispute resolution is becoming an increasingly popular choice, particularly for disputes relating to cross-border transactions and commercial matters, although to date, no official bodies in Cyprus specifically offer ADR services, such as Arbitration and Mediation. In order to commence arbitration proceedings, there must be an Arbitration Agreement between the parties, which is usually irrevocable and therefore binding. If the parties commence legal proceedings in any Court against an Arbitration Agreement, the Court has a discretionary power to stay the proceedings under of the domestic arbitration law for referral to an Arbitrator. Alternatively, the parties can voluntarily refer their dispute to an independent third
party who helps them negotiate in order to find a settlement via mediation.

Advantages of ADR:

• Using experts in the field of dispute
• Cost effective solution which is often significantly cheaper than court action
• Speedier than pursuing action through traditional litigation
• Flexibility for businesses
• Confidentiality
• Easier to enforce