In Quest Of Collection: Assignment Of Arbitral Awards Under Turkish Law

Congratulations! You prevailed in arbitration. All of your blood, sweat, and tears paid off. But keep in mind as you savor victory that, unfortunately, the time for real celebration hasn't yet arrived. Why? Because the losing party likely has no intention of voluntarily honoring the award and, therefore, the adventure isn't over. A second and uphill battle waits for you: Enforcement.

Enforcement proceedings are likely to be lengthy, possibly contentious, and certainly costly. On the other hand, you may be in quest for a quick cashflow for your business or you may not have sufficient funds, human resources or even energy to allocate for enforcement proceedings. In such a case, the question which usually pops up is: Would it be possible to assign the benefits of the arbitral award to a third party in return for a payment? Answers to this question usually come with several reservations varying depending on jurisdiction in which assignment and enforcement are sought¹.