ISTAC COMES UP WITH THE WORLD’S FIRST “MEDIATION-ARBITRATION” RULES
“ISTAC MED-ARB” RULES, WHICH PROVIDE TWO-TIER DISPUTE SETTLEMENT, HAVE BEEN ANNOUNCED BY THE ISTANBUL ARBITRATION CENTER ON ITS WEBSITE.
The Istanbul Arbitration Centre (ISTAC) has today published rules governing “Mediation-Arbitration” (Med-Arb), an alternative dispute resolution procedure which has the characteristics of both mediation and arbitration, on its website.
The new dispute settlement mechanism, which is briefly defined as Med-Arb, will enable the use of both mediation and arbitration, two different dispute resolution mechanisms, in two stages, in the same proceeding. This two-tier dispute resolution mechanism will make it easier for commercial disputes to be resolved.
In this Mediation-Arbitration Dispute Resolution Model, which is the first of its kind in the world regulated by written rules, parties will first try to resolve their disputes with mediation, and if they cannot settle, arbitration will be initiated to resolve the dispute.
The Chairman of the Istanbul Arbitration Centre, Prof. Dr. Ziya Akıncı, said: “Thanks to the new rules introduced by ISTAC, business people will have the opportunity to resolve their disputes by using either mediation or binding arbitration without going to the courts, and it is expected that this two-tier dispute resolution system will be widely used in commercial life.”ISTAC has been active as an arbitration and mediation centre for almost 4 years.
Today, many national and international commercial disputes have been settled or are in the process of being settled at the Istanbul Arbitration Centre. By presenting the Med-Arb Rules for the first time in the world, ISTAC aims to offer another way of alternative dispute settlement for the users and expand the area of dispute resolution.
The ISTAC Mediation-Arbitration Rules can be found at www.istac.org.tr.