Time management for arbitration as per Istanbul arbitration centre (ISTAC) rules – Published by the lawyers at Ictem Legal

Istanbul Arbitration Centre (“ISTAC”) is an independent institution founded in 2015 in order to provide dispute resolution alternative for any international or domestic parties. ISTAC was founded to provide the parties a neutral, flexible and confidential setting for dispute resolution on an international scale, faster and with less expense comparing to the traditional dispute resolution organs such as courts. ISTAC Arbitration and Mediation Rules (“Rules”), prepared by the Centre with regard to modern institutional rules, entered into force on 26 October 2015. Within the scope of arbitration, fast track arbitration, emergency arbitrator and appointments of arbitrators in ad hoc procedures are available. The ISTAC arbitral awards are binding and subject to enforcement anywhere in the world. The ISTAC consists of a boards of arbitration (“Board”) and a secretariat (“Secretariat”) and experts in the area of arbitration law. The role of the Board is to assist parties and arbitrators in ensuring that disputes are resolved as efficiently as possible. Ziya Akıncı, Jan Paulsson, Hamid Gharavi, Candan Yasan, Bernard Hanotiau are the members of International Board while Sabih Arkan, Cemile Demir Gökyayla, Ejder Yılmaz and also again Ziya Akıncı, and Candan Yasan are the members of National Arbitration Board. The Secretariat provides its services under the Rules and answers questions from parties, their counsels, arbitrators, and any other actors involved in the ISTAC dispute resolution process. The members of the general assembly are The Union of Chambers and Commodity Exchanges of Turkey, Ministry of Justice, Capital Markets Board of Turkey, Union of Turkish Bar Associations, Banking Regulation and Supervision Agency, Banks Association of Turkey, Participation Banks Association of Turkey, Council of Higher Education, Turkish Capital Markets Association, Turkish Exporters Assembly, Borsa Istanbul, Confederation of Turkish Tradesmen and Craftsmen, Turkish Confederation of Employer Associations and Confederation of Turkish Trade Unions. The ISTAC’s dispute resolution services are available to all contracting parties, without any membership requirements. Parties wishing to refer to the ISTAC arbitration or mediation are encouraged to include an appropriate clause in their contracts. Considering Turkey’s geographical location, the ISTAC expected to be an international center for the resolution of commercial disputes between European, Asian and Middle Eastern countries. (ISTAC)  

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Time management for arbitration as per Istanbul arbitration centre (ISTAC) rules