KEY FEATURES OF THE ISTANBUL ARBITRATION CENTRE ARBITRATION RULES
The Istanbul Arbitration Centre (ISTAC) is an institution established to provide institutional arbitration services. ISTAC is an independent and neutral institution providing efficient dispute resolution services for both international and domestic parties. The ISTAC’s dispute resolution services are available to all contracting parties, without any membership requirements. The ISTAC arbitral decisions are binding and enforceable all over the World. The ISTAC Arbitration Rules, prepared by the Centre and entered into force on 26 October 2015.
In cases where the parties have agreed to submit their disputes under the Istanbul Arbitration Centre Arbitration Rules, the Rules herein under shall be applicable to arbitration. Arbitration rules determine the framework of arbitration proceedings in ISTAC. Also, these rules are in line with international arbitration proceedings.
Day by day, arbitration has become a crucial issue in Turkey. Lots of people began to prefer the arbitration proceedings due to long-standing state court proceedings. Therefore, ISTAC and their arbitration rules play significant role on this issue.
Besides all these, the rules of arbitration aims low cost and quick solution. When compared to other judicial proceedings, the ISTAC’s arbitration system is more economical and faster than others because of ISTAC Arbitration Rules. The main features of these rules are that the ISTAC constitutes an exclusive alternative for the resolution of disputes with less expense and within the shortest amount of time possible.