1. What are the ICC Arbitration Rules?
The ICC Arbitration Rules are a set of rules drafted by the International Chamber of Commerce (ICC). They govern how arbitration is used to resolve international commercial disputes. The ICC Arbitration Rules are a globally recognized and widely used arbitration method.
The ICC Arbitration Rules ensure that the parties’ disputes are decided by an impartial arbitrator. This allows the parties to resolve their disputes quickly and continue their business activities. The ICC Arbitration Rules also adopt the principle of confidentiality in resolving the parties’ disputes. This protects the trade secrets of the parties.
2. What is ISTAC?
ISTAC stands for Istanbul Arbitration Center. ISTAC is an organization that provides arbitration services in Turkey. ISTAC provides arbitration services for the resolution of national and international commercial disputes.
ISTAC has an important advantage by providing arbitration services in Turkey. Thus, parties in Turkey can benefit from arbitration services in accordance with international standards. Moreover, the arbitration services provided by ISTAC are carried out in a fast and efficient manner.
3. Relationship between ICC Arbitration Rules and ISTAC:
There is a relationship between the ICC Arbitration Rules and ISTAC. ISTAC provides arbitration services in accordance with the ICC Arbitration Rules. Thus, the arbitration services provided by ISTAC are carried out in accordance with international standards.
The fact that ISTAC provides arbitration services in accordance with the ICC Arbitration Rules is an important advantage for the parties in Turkey. Thus, parties in Turkey can benefit from arbitration services in accordance with international standards.
4. Advantages of ICC Arbitration Rules
The main advantage of the ICC Arbitration Rules is that they provide a fast and effective method of resolving international commercial disputes. Thanks to the ICC Arbitration Rules, parties can quickly resolve their disputes and continue their commercial activities.
Furthermore, the ICC Arbitration Rules ensure that the parties’ disputes are decided by an impartial arbitrator. This protects the rights of the parties and ensures a fair decision.
5. Advantages of ISTAC
The main advantage of ISTAC is that it provides arbitration services in Turkey. Thus, parties in Turkey can benefit from arbitration services in accordance with international standards.
Moreover, the arbitration services provided by ISTAC are fast and efficient. In this way, the parties can resolve their disputes in a short time and continue their commercial activities.
-The important articles of the ICC Arbitration Rules are as follows:
Article 7: Joinder. This article permits, with the Court’s approval, a third party to the arbitration agreement to participate in the proceedings. In this way, in disputes where there is more than one party or contract, it can be ensured that all relevant persons are involved in the same arbitration.
Article 9: Multiple Contracts. This Article allows, with the Court’s approval, claims arising out of more than one contract to be brought in the same arbitration. In this way, in disputes arising out of complex commercial relationships, the parties are prevented from resorting to multiple arbitrations.
Article 10: Consolidation of Arbitration Proceedings. This Article allows, with the Court’s approval, the consolidation of two or more arbitrations before the same or different arbitral tribunals. This allows the parties to save time and costs in disputes concerning the same or related issues.
Article 22: Arbitration Management. This Article requires the arbitral tribunal to cooperate with the parties on case management and to take the necessary measures to ensure the efficient and fair conduct of the proceedings. It also provides that the arbitral tribunal shall convene a case management meeting and prepare a procedural program.
Article 29: Emergency Arbitrator. This Article allows the Court to appoint an emergency arbitrator if a party requests urgent protective or interim measures before the arbitration is initiated, or after the arbitration has been initiated but before the arbitral tribunal has been constituted. The emergency arbitrator is obliged to consider the request and issue a decision within 15 days at the latest.
-NOTABLE CASES IN WHICH ICC ARBITRATION RULES HAVE BEEN APPLIED INCLUDE THE FOLLOWING:
*Dow Chemical v. Isover Saint Gobain: This case was the subject of a landmark decision rendered by the ICC in 1982, which is considered a milestone in the history of international arbitration. In the case, Dow Chemical’s parent company was included in the case based on arbitration agreements contained in the contracts between Dow Chemical’s subsidiaries and Isover Saint Gobain. With this decision, the ICC recognized that persons or entities that are not parties to the arbitration agreement but are connected to the parties to the agreement may also participate in the arbitration.
*Siemens AG and Siemens Transmission & Distribution SA v. The Argentine Republic: This case was the subject of a 2007 ICC decision on the liability of states to investors. The case examined Siemens’ claim for damages following Argentina’s termination of Siemens’ tender contract for the modernization of the electricity distribution system in Argentina. The ICC ruled that Argentina had wrongfully terminated the contract and should pay Siemens $217 million in compensation.
*Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan: This case was the subject of a 2019 ICC decision awarding $5.8 billion in damages to Tethyan Copper Company (TCC), the operator of Pakistan’s largest gold and copper mine. The case examined TCC’s claim for damages after Pakistan revoked TCC’s mining license and halted the mining project. The ICC ruled that Pakistan had breached its treaty obligation to protect TCC’s investment and should pay compensation to TCC.
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