Panel on Arbitration Proceedings Under the ISTAC Rules

The panel "Arbitration Proceedings Under the ISTAC Rules" was held in a hybrid format on Wednesday, 3 November 2021. The panel drew great interest from BAU Faculty of Law academic staff, students and external participants.

The opening speech and moderation of the panel, organized by the Department of Civil Law of the Faculty of Law, were delivered by Dean of the BAU Faculty of Law Prof. Dr. Kadir Emre GÖKYAYLA. At the panel, attended as a guest by Istanbul Arbitration Centre Secretary General Attorney Yasin EKMEN, the topics discussed included the importance of arbitration proceedings; the need for a valid agreement to initiate arbitration proceedings; arbitrability; the concepts of arbitration and arbitrator; the increasing recourse to arbitration in line with economic development; the inadequacy of local courts in international disputes; the impartiality and independence of arbitrators; the fact that arbitrators are not the parties' counsel; the final and binding nature of arbitral tribunal decisions; the enforceability of arbitral awards in 175 countries under the New York Convention; types of arbitration; the preference for institutional arbitration over ad hoc arbitration; the procedural rules applicable in arbitration proceedings; and the structure of ISTAC. The panel ended after participants joined the discussions on these topics and a question-and-answer session.

As a result of the panel "Arbitration Proceedings Under the ISTAC Rules," it was concluded that, especially in the resolution of commercial disputes, arbitration is an advantageous form of proceedings due to 1) Confidentiality, 2) Low cost, 3) Speed, 4) Flexibility and 5) The presence of independent, impartial and expert arbitrators; that it is increasingly preferred and should be preferred; and that we too should attach greater importance to the institution of arbitration.