Arbitral awards are enforceable in Cyprus under the provisions of the Cypriot Law on International Arbitration in Commercial Matters Law No. 101/1987 and the New York Convention on the Recognition and Enforcement of Arbitral Awards of the United Nations of 1958.
What remains as a question is whether there is a time limitation for registration and enforcement of the Arbitral Award. Law 66(I) of 2012 sets out the limitation periods for various types of claims but it does not provide any special provision regarding the Registration and Enforcement of the Arbitral Award.
The answer lies to the nature of the arbitration itself which is based on an arbitration agreement or an arbitration clause and therefore the cause of action arises from the breach of the arbitration clause and the coexisting agreement between the parties to honor the agreement.
This is specifically reflected in the judgment of the English Court of Appeal National Ability SA v Tinna Oils & Chemicals Ltd (The "Amazon Reefer")  EWCA Civ 1330. Justice Thomas concluded that the award is in essence enforceable because of an implied contractual promise contained in the arbitration agreement to pay the arbitration award and therefore the action for enforcement is actually based on a contract.
In the older decision Agromet Motoimport Ltd v Maulden Engineering Co (Beds) Ltd  1 WLR 762 Judge Otton interpreted and analyzed the time when the cause of action regarding the enforcement of an award is considered to be completed. The Court stated that there is an implied term in the original agreement which implies that the award should be honoured, and "the implied term continues that if the award is not honoured, there is then a breach of that implied term and time begins to run"
Therefore the crucial date, is the date when the defendants should have paid/ honored the Award, but they didn't.
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