With the issuance of Presidential Decree 23/2026, a Permanent Arbitration Committee has been established at the Magnesia Chamber of Commerce for the resolution of private disputes.
The implementation of this important initiative was made possible through the initiatives and actions of the Minister of Justice, Mr. Georgios Floridis, who, recognising the need to modernise the existing legal framework, proceeded with the establishment of the Special Secretariat for Alternative Dispute Resolution within the Ministry of Justice.
The issuance of this Presidential Decree was completed with the valuable contribution and unwavering support of the Special Secretary for Alternative Dispute Resolution, Ms. Olympia K. Anastasopoulou, in close cooperation with the legal counsel of the Magnesia Chamber of Commerce, Mr. Georgios K. Pliatsikas.
Arbitration is one of the principal methods of Alternative Dispute Resolution (ADR) in Greece and worldwide, offering faster and often more cost-effective solutions outside the court system. It is primarily used for the resolution of commercial, contractual and civil disputes. Arbitration results in a binding decision (arbitral award) having the same legal effect as a court judgment. As a procedure, arbitration resembles judicial proceedings; however, it is conducted entirely on a private basis. The arbitral award, which constitutes an enforceable title, is binding on both parties.
The advantages of arbitration include the swift resolution of disputes and lower costs compared to proceedings before the civil courts. Confidentiality is also preserved, as arbitration proceedings are private, unlike public court hearings. Finally, another key advantage of arbitration is the possibility of appointing arbitrators with specialised expertise in the subject matter of the dispute, thereby ensuring that the dispute is resolved by individuals possessing the appropriate knowledge and professional experience.
