We are pleased to announce the formation and establishment of the Cyprus Eurasia Dispute Resolution and Arbitration Center, CEDRAC.

CEDRAC is committed to excellence and to serving the needs of commercial parties involved in international disputes and welcomes referrals of future or existing disputes. CEDRAC draws on the experience of a diverse and experienced Court and case management staff supporting and supervising its activities.

CEDRAC Primary Aim

The primary aim of CEDRAC is to assist international businesspeople to resolve their disputes through arbitration procedures that are fair, quick and cost-effective. In parallel to its arbitration services CEDRAC will also offer mediation services.

CEDRAC Aims

at a High Level, Low Cost, Efficient Dispute Resolution Service
  • A new fresh regional and international organisation of the highest professional standards based in Cyprus
  • Experienced and well versed Court overseeing activities and case management
  • Equipped with state-of-the-art rules
  • Service oriented arbitration management in the only common law jurisdiction in the region
  • Neutrality by design and base
  • Operating in an arbitration friendly jurisdiction
  • With modern commercial infrastructure

CEDRAC Governing Body

The governing body of CEDRAC dispute resolution services will be the CEDRAC Court, which will act as the appointing authority in cases referred to it, will monitor and review the proper application of CEDRAC’s rules and promote the objectives of CEDRAC.

Professor Loukas Mistelis, Director of the School of International Arbitration at Queen Mary, University of London is the Inaugural Chairman of the CEDRAC court.

David Goldberg, Partner, Arbitration Group, London and Moscow, of White and Case LLP and Alecos Markides, former Attorney General of Cyprus will act as Inaugural Vice-Chairmen of the CEDRAC Court, working together with a team of 11 other well-known members of the international arbitration community:

(1) Brunhilde Ackermann, Chairman of the Association of the German Supreme Court Lawyers; (2) John Fellas, Partner,Hughes, Hubbard & Reed LLP, New York; (3) Domenico Di Pietro, international arbitration specialist at Chiomenti Studio Legale and University of Rome "Roma Tre", Rome; (4) Dr Jalal (Jil) El-Ahdab, Counsel at Orrick and managing Editor of The International Journal of Arab Arbitration, Paris; (5) Aigoul Kenjebayeva, Managing Partner, Almaty, Salans; (6) Dr Roman Khodykin, Associate Professor at Moscow State Institute of International Relations, Counsel at Clifford Chance Moscow Office, an editor of The Review of International Commercial Arbitration, Moscow; (7) Jean-Claude Najar, Senior Counsel & Chief Compliance Office at GE Capital EMEA and General Counsel, of GE France, former President of the Corporate Counsel International Arbitration Group, Paris; (8) Constantine Partasides, Partner, Arbitration Group, London, Freshfields Bruckhaus Deringer and co-author of Redfern and Hunter on International Arbitration; (9) Jakob Ragnwaldh, Partner of Arbitration, Stockholm, Mannheimer Swartling, Member of the Board of Directors of Arbitration Institute of Stockholm Chamber of Commerce, (10) Tatyana Slipachuk, Partner of International Arbitration Practice Group, Kiev, Sayenko Kharenko Partners; and (11) Panos Verveniotis, Managing Partner, Athens, G. Verveniotis & Partners

Dr Marcos Dracos is the Inaugural Secretary of the Court and Registrar. Dr Dracos is Barrister at One Essex Court, London and a qualified Counsel in Cyprus.

Andreas Eleftheriades, President of European University Cyprus, is President of CEDRAC Board. Zacharias Palexas, Partner, Parthenon Trust, is Co-President of CEDRAC Board.

CEDRAC Operations

CEDRAC will have its base of operations in Nicosia, Cyprus. The CEDRAC facilities are located near the centre of Nicosia, and include arbitration rooms, private consultation rooms for the parties and a restaurant on site. Hearings may be held in other locations in Cyprus or anywhere in the world.

Cyprus was chosen as an ideal arbitration venue. It is already a well-established business offshore centre with excellent commercial infrastructure. It has a state of the art communications network and first rate business venues, hotels and restaurants. Cyprus also has an ideal geographical location sitting between three continents, with two international airports offering regular flights to London, Paris, Moscow, the Middle-East and Northern Africa.

Cyprus offers a commercially sophisticated legal system which has its roots in the Common Law. Cypriot arbitration law is based on the UNCITRAL Model Law and Cyprus is a member of the 1958 New York Convention for the Recognition and Enforcement of Foreign Arbitral Awards, whilst Cypriot courts have repeatedly demonstrated their commitment to supporting arbitration proceedings and their respect of party choice and autonomy.

CEDRAC will have its own Arbitration Rules which have been drafted and developed by the CEDRAC Court members following extensive research and consultation.

CEDRAC Inaugural Conference

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On Nov 18, 2011, CEDRAC �Cyprus Eurasia Dispute Resolution and Arbitration Center had its inaugural conference in Cyprus. Many distinguished guests attended the inaugural conference, including the Attorney General of Cyprus, the President of the Supreme Court and the President of the Nicosia Bar Association. CEDRAC was received very positively by Cyprus and the international legal community.

Mr Goldberg illustrated how Cyprus and CEDRAC have the necessary preconditions to succeed as an international arbitration centre. Professor Mistellis presented CEDRAC, its organization and CEDRAC Rules that have been developed following extensive research and consultations. CEDRAC Rules incorporate modern best practices, including improvements and additions and constitute international model rules. Mr Markides stated that with CEDRAC, Cyprus can become a successful international arbitration centre. Mr Palexas pointed out that the founding team of CEDAR Court is preeminent and internationally accomplished.

Please click here to view Entire Schedule and download presentations and related articles.

CEDRAC Inaugural Conference_Nov 18_2011-Commemorating Photo

Click here to view the document related to CEDRAC Inaugural Conference which was taken on Friday, 18th November 2011.

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