EVENTS AND ROUNDTABLES > Roundtable > Alternative disputes
How do you settle a dispute in Turkey? In under three minutes according to the commercial courts, according to statistics published by the Turkish Ministry of Justice.
For GCs in Turkey, the overloaded commercial courts is one of the reasons that arbitration and alternative dispute resolution methods are becoming more and more appealing.
But what are the benefits of arbitration for Turkish businesses, and what are the pitfalls?
In Istanbul, The Legal 500 and Esin Attorney Partnership brought together individuals from the GC Powerlist: Turkey, as well as Istanbul Arbitration Centre expert Prof. Dr. Ziya Akinci, in order to discuss these topics.
From the conversation it was clear that, in spite of its advantages over the commercial courts, GCs are still reluctant to embrace arbitration due to hesitancy around the time it takes, the cost and the potential lack of enforceability. That said, it was clear that commercial agreements with international counterparties were increasingly becoming subject to arbitration clauses. Further, for specific industries where technical or specialised skills are required to settle a dispute, Turkish businesses are now looking to arbitration.
The new Istanbul Arbitration Centre (IAC) has taken steps to address common fears since its inception in 2015. Using accurate timelines, budgets and expert witnesses the new dispute centre is beginning to influence the opinion of the in-house lawyers and businesses dealing with disputes.
It is hoped that the Turkish centre can grow into a hub for the region, supporting a variety of industries and eventually expanding to service the wider needs of other Islamic countries.
For further information on these issues, please contact:
Ismail Esin, managing partner, Esin Attorney Partnership
Dominic Williams, head of research, The Legal 500 Client Intelligence Unit
- Tülay Aktan, Efe İçecek Sanayi ve Ticaret A.Ş
- Ozan Alakuştekin, THY OPET
- Oyku Api, Metlife
- Hakan Bekiroğlu, Tofaş
- Kurtuluş Çaltekin, AvivaSA Pension and Life Insurance
- Tuba Çetin Alpa, Cargill
- Gözde Çolak, Procter & Gamble
- Çiğdem Dayan, ING Bank A.S.
- Nazli Dereli Oba, Karadeniz Holding
- Zihni Gönen, IC Holding
- Buse Pınar Kaçar, Yörsan
- Nihan Seda Kişi, Türkmen Holding
- Esra Ünal, Statkraft
- Bora Kaya, Gama
- Ismail Esin, Esin Attorney Partnership
- Ziya Akinci, Akinci Law Office
- Dominic Williams, The Legal 500