The Application Of Time Extension Authority In Arbitrations Subject To The Code Of Civil Procedure

Since the parties cannot resort to state courts as long as there is an arbitration agreement (Article 5 of the ICC and Article 413 of the CCP), the parties may be deprived of the right to resort to state courts if the arbitration proceedings take longer than necessary. On the other hand, one of the most important advantages of arbitration is that arbitral proceedings can be completed in a shorter period of time than state courts. Taking these principles into consideration, the legislator has limited the arbitration proceedings to a time limit in the International Arbitration Law and the Code of Civil Procedure. The sanction for failure to comply with this time limit is the annulment of the arbitral award rendered after the expiration of the arbitration period upon the request of one of the parties (Art. 15(A)(1) of the IAA, Art. 439 of the CCP). There are statutory provisions on the duration of the arbitration and how to extend the arbitration period in the event that