Lucky seven n Istanbul arb trat on center’s f rst year
Turkey’s new bus ness arb trat on serv ce has resolved s x cases n ts f rst year of operat on. The Istanbul Arb trat on Center (ISTAC) has dealt w th seven cases s nce t began work ng early last year and has almost closed ts seventh, accord ng to Z ya Ak nc , pres dent of the center and the ISTAC Board of Arb trat on. “We are talk ng [about] seven cases for the f rst year,” he sa d. “Internat onal arb trat on centers are not [usually] expected to rece ve cases for [the f rst] four to f ve years… Th s means we covered the d stance that would take four to f ve years n our f rst year.” The center was establ shed as an ndependent, neutral and mpart al nst tut on to prov de eff c ent d spute resolut on for nternat onal and domest c part es. It s supported by all major Turk sh profess onal bod es, chambers and regulatory author t es and offers a cheaper and qu cker opt on than tak ng d sputes to court. Ak nc sa d standard d sputes take three months to resolve wh le even complex, nternat onal cases can be dealt w th ns x months. Dur ng ts f rst year, the center sparked “great nterest” and s now be ng rout nely added to pr vate and publ c sector contracts.