The Fast Track Arbitration is a simplified and expeditious arbitration procedure for the final resolution of smaller amounted disputes.
The ISTAC Fast Track Arbitration Rules shall apply to disputes in which the value of the claims does not exceed TRY 1,000,000 Through Fast Track Arbitration, both domestic and foreign parties have the ability to the resolve their disputes within 3 months through the issuance of a final, binding and enforceable arbitral award by a Sole Arbitrator.
ISTAC Fast Track arbitral awards are subject to enforcement by enforcement offices in the same way as court decisions. The arbitral awards made under ISTAC Fast Track Arbitration Rules can be immediately enforced without being appealed.
ISTAC Fast Track Arbitration Rules offer the parties a more flexible, expeditious, cost-efficient and foreseeable dispute resolution mechanism than state courts.
ISTAC Fast Track Arbitration enables parties to settle disputes involving claims that do not exceed TRY 1,000,000 within 3 months through a binding arbitral award in a much more cost-effective way than in state courts.