Arbitration is a well-established and widely used method of resolution of disputes outside the state courts.
Istanbul Arbitration Centre is providing institutional arbitration services for both domestic and foreign parties. For an arbitration to be administered by ISTAC, it is sufficient for the parties to agree that the disputes shall be settled by arbitration under the ISTAC Arbitration Rules.
ISTAC arbitration is anticipated to fulfill the needs of commercial life by providing the resolution of the disputes in an expeditious, cost-effective, flexible, confidential and efficient way.
ISTAC Arbitration ensures the resolution of disputes effectively and quickly. The arbitral awards rendered under ISTAC Arbitration Rules are subject to enforcement by enforcement offices just as court decisions. The awards can be immediately enforced without being appealed. Furthermore, the awards rendered under ISTAC Arbitration Rules are not subject to scrutinize.
The resolution of disputes under ISTAC Arbitration is even more cost-effective when compared to court litigation.
ISTAC Arbitration enables the resolution of disputes by arbitrator(s) who have enough experience on the subject of the disputes. The arbitrator(s) may be chosen freely by the parties.
ISTAC Arbitration enables the resolution of disputes by arbitrator(s) who have enough experience on the subject of the disputes. The arbitrator(s) may be chosen freely by the parties.
ISTAC Arbitration provides also a flexible dispute resolution method. The arbitration procedure may be determined by the parties and arbitrators, in accordance with the characteristics of the dispute without having prejudice to right to be heard.
Turkey has the necessary legislative regulations since it has drafted its International Arbitration Code dated 2001 in accordance with UNCITRAL Model Law, and it is a party to both New York Convention and Geneva-European Convention.
