The Communiqué No: 2016/25 on ISTAC, published in the Official Gazette dated 19 November 2016 and numbered 29893, highlights the significance of the ISTAC and introduces latter to public-sector users, along with underlining advantages of arbitration.
ISTAC, established by Law No: 6570, has become operational and administers arbitration disputes that are of domestic and international character. Moreover, the Center also provides educational services on the practice of arbitration to all stakeholders, including the public bodies.
It is also stated that ISTAC Arbitration and Mediation Rules creates a modern, efficient, flexible and confidential framework for arbitral procedures that is also cost-effective and aligned with international standards.
While explaining other prominent benefits of arbitration for future contracts that a Turkish public body is a party to, the Communiqué takes a further vital step and invites public bodies and other establishments to prefer arbitration over litigation and other dispute resolution methods in order to receive a fast, cost-effective and independently and impartially rendered outcome.
Above all, with this essential and on-time Communiqué published by the Prime Minister's Office, it is undeniable that seas of arbitration will be once more explored by the stakeholders from Turkish public organizations. In this respect, it would be an accurate and fair assessment to expect an increase in the statistics of the ISTAC in 2017 and upcoming years.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
