Faster Method For Arbitration: Expedited Arbitration Procedure In The Scope Of ICC Arbitration Rules And ISTAC Arbitration And Mediation Rules

In order to keep pace with the expeditious business life, arbitration institutions needed to devise more rapid ways to solve disputes. The expedited arbitration procedures, which are applied to resolution of disputes where the value of dispute does not exceed certain amount of value is preferred by increasing number of parties in recent years.

Because it is subjected to lesser procedural burdens, parties can reach to the desired fair situation faster and with less expense.

ISTAC Fast Track Arbitration Rules

Although in the text of International Chamber of Commerce ("ICC") Rules of Arbitration the simplified arbitration procedure is named "Expedited Arbitration", the term of "Fast Track Arbitration" is preferred to be used by the Istanbul Arbitration Center ("ISTAC") Arbitration and Mediation Rules. For this reason, we used the term of "Fast Track Arbitration" in this section.