Mediation and Arbitration
Mediation and arbitration constitute alternative forms of dispute resolution to that of the court process and are not of such adversarial nature as that of court.
There is legislation in place for both forms of dispute resolution. Mediation is the most informal of the two and is the most cost and time effective solution that can be obtained. Parties to a mediation may come to a formal written agreement that can have a binding effect between them. Mediation can be utilized in commercial, consumer and family disputes. Arbitration on the other hand resembles the court process as parties still provide testimony and give evidence similar to a trial but it is usually less formal. An arbitration award, provided due process is followed, can be enforced with the same effect as a court order.
Cyprus has ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and foreign awards in arbitration process can be recognized and enforced in Cyprus by application to the relevant District Court, requesting recognition and enforcement of the award.