CYPRUS ARBITRATION & MEDIATION CENTRE (CAMC)- FEDERATION OF EMPLOYERS AND INDUSTRIALISTS (OEB): CONFERENCE WITH SUBJECT THE INCLUSION OF ARBITRATION AND MEDIATION CLAUSES IN CONTRACTS

On 21 March 2023, a conference was organized by the Federation of Employers and Industrialists (OEB) in collaboration with the Cyprus Arbitration & Mediation Center (C.A.M.C). The main objective of the conference was to inform OEB members about the comparative advantages of including alternative dispute resolution clauses and especially arbitration/mediation clauses in their contracts.

On behalf of the CAMC, the Chairman of the Board of Directors Mr. Andreas Michailides, the directors, Mr. Dimitris Kallenos and Ms. Christina Zikkou, as well as the Secretary of the Board Ms. Koulia Vakis and the Legal Officer of the Centre, Ms. Christiana Kyriakou, attended. On behalf of the OEB, the director of the Business Development Department, Mr. Paraskevas Anastasiou and the head of the Department, Mr. Alexandros Papadopoulos, were attended.

Mr. Michaelides in his speech referred to the history of the establishment of the CAMC and its purposes. Mr. Michaelides also stressed the necessity of quick and efficient resolution of disputes arising in business activities and he underlined the importance of the inclusion of mediation and arbitration clauses, noting the benefits of speed, flexibility, compared to court proceedings and the efficient way of resolution of the dispute by experienced and qualified arbitrators/mediators of the Centre. He also pointed out that the Centre has the necessary infrastructure to serve the contracting parties at all stages of the procedure.

In this context, he explained the necessity of including arbitration/mediation clauses in the contracts, which are useful tools, for the more efficient resolution of commercial and financial disputes, taking into account the prevailing conditions of the delay in the general justice process.

The specific clauses can therefore contribute substantially to the smooth functioning of the internal market, thus strengthening the joint effort of the OEB and the CBA for the coordinated promotion of the economic development of our country.