- 22.11.2024, Friday
- 10:15
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Businesspeople now have opportunity to resolve disputes with mediation/arbitration without going to courts, says center
A dispute resolution center in the Turkish metropolis of Istanbul on Friday released rules governing Mediation-Arbitration (Med-Arb), an alternative procedure combining characteristics of both methods.
The new dispute settlement mechanism will enable the use of both mediation and arbitration in two separate stages, in the same proceeding, said the Istanbul Arbitration Centre in a statement.
"This two-tier dispute resolution mechanism will make it easier for commercial disputes to be resolved," it said.
It added that in the Med-Arb model, the first of its kind in the world regulated by written rules, parties will first try to resolve their disputes through mediation, but if that fails, arbitration will be initiated.
The new rules will give businesspeople “the opportunity to resolve their disputes by using either mediation or binding arbitration without going to the courts," said Ziya Akinci, who heads the center.
The center has been active for almost four years, and many national and international commercial disputes have been settled or are in the process of being settled by the center.
By presenting the Med-Arb rules for the first time in the world, the center aims to offer alternative method of dispute settlement and expand the field.
Arbitration is a mechanism for resolving disputes between investors and brokers, or between brokers.
#businesspeople
#Istanbul Arbitration Centre (ISTAC)
#Mediation-Arbitration
#Turkey
