ISTAC, which was established as a part of the International Istanbul Finance Centre, is an independent, neutral and impartial institution providing efficient dispute resolution services for both international and domestic parties. ISTAC’s dispute resolution services are available to all contracting parties, without any membership requirements.
The ISTAC Arbitration and Mediation Rules, prepared with regard to modern institutional rules, entered into force on 26 October 2015. Introducing innovative and efficient provisions, the Rules answer the current needs of arbitration and mediation proceedings. Within the scope of arbitration, ISTAC offers services such as Fast Track Arbitration, Emergency Arbitrator and appointments of arbitrators in ad hoc procedures.The ISTAC arbitral awards are binding and subject to enforcement anywhere in the world. In addition to this, ISTAC has announced its Med-Arb Rules on 15 November 2019, which has primacy in the world.
ISTAC consists of a Board and a Secretariat, comprised of internationally prominent and leading experts in the area of arbitration law. The role of the Board is to assist parties and arbitrators in ensuring that disputes are resolved as efficiently as possible. The Secretariat is available to provide its services under the Rules and to answer questions from parties, their counsels, arbitrators, and any other actors involved in the ISTAC dispute resolution services. Providing the parties a neutral, flexible and confidential setting for dispute resolution on an international scale, ISTAC constitutes an exclusive alternative for the resolution of disputes, with less expense and within the shortest amount of time possible.
Given Turkey’s key geographical location, ISTAC shall be an international centre for the resolution of commercial disputes between European, Asian and Middle Eastern countries.
Parties wishing to refer to the ISTAC arbitration or mediation are encouraged to include an appropriate clause in their contracts.