Arbitration is an alternative dispute resolution method, where each party assigns an arbitrator and the existing dispute or dispute to be existed is solved by arbitration board instead of courts. This alternative dispute resolution method is subject to specific and different rules.
Parties agree to settle the dispute among them in line with the decision of a third party (arbitrator).
First condition in order to refer arbitration process is that the dispute shall be eligible to settle by arbitration in accordance with Turkish Law.
Second condition in order to refer arbitration process is that the parties shall have mutual consent to settle the dispute within arbitration process. Arbitration agreement can be executed in written as separate agreement or as an arbitration clause. Parties can freely assign arbitrators and determine the place of arbitration and procedural rules save for the compulsory provisions.
Arbitration is regulated under two different laws namely as national and international arbitration.
All arbitration results are binding arbitration awards, and parties can only bring an action for annulment of arbitrator’s award. However, the annulment action is examined only for procedural issues and thusly subject to limited examination.
Arbitration is a kind of alternative dispute resolution likewise mediation, our center provides arbitration services based on institutional arbitration procedures and principles in accordance with parties’ consent.