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Arbitration is the final resolution of the disputes arising between the parties by the arbitrators conducting arbitration proceedings instead of the courts. Arbitration is a discretional legal remedy for the resolution of disputes. Therefore, the parties may choose to use the arbitration method only if they have agreed to do so with a written protocol. With an arbitration agreement, the parties may agree on leaving the settlement issue of all or part of a dispute eligible for arbitration to an arbitrator or an arbitral tribunal. In the case of an international arbitration, the parties may choose either an ad hoc arbitration or an institutional arbitration. In ad hoc arbitration, the arbitrators, the applicable law and the arbitration rules will be chosen by the parties. Here, the parties can prefer to apply the arbitration rules already determined by different institutions instead of determining the arbitration rules themselves. Yet, the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) are among the those which are most applied in this context. Institutional arbitration, on the other hand, could be defined as the execution of the arbitration process under the supervision of an arbitration institution. International Court of Arbitration (ICC), American Arbitration Association, Chambre Arbitrale Maritime de Paris, an organization specialized in maritime law disputes, Istanbul Arbitration Center, etc. can be given as the examples to such institutions.
Arbitration is the most common dispute resolution method in international business procedures. Arbitration is an alternative dispute resolution method with a fast and low-cost litigation compared to the long-term and costly classic litigation before courts. However, since international commercial disputes generally cover more complex issues which require special expertise, it is a very important advantage to be adjudicated by arbitrators who are experts in the relevant fields in this process. At the same time, it is not preferred to choose the national court of one of the parties in the resolution of the dispute due to the equality of the parties and the mistrust to the national courts of the parties. Finally, since the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as New York Convention, being the most important one among the international arbitration conventions, is accepted and implemented in 159 countries, it is easily ensured that foreign arbitral awards are recognized by the parties.
When an international arbitration is in question, it is essential to determine a different solution according to each concrete case, taking into account different factors such as the authorized institution, applicable arbitration rules pursuant to the subject of the dispute as well as the arbitration costs. Again, the knowledge, language skills and different experiences of the team to provide legal support in the field of international law in international arbitration, are also of great importance. We as Miran Legal, provide legal support to our clients with our team of experts in their choosing the international arbitration remedy where our local and foreign clients will have the most advantage, in the preparation of requisitions and petitions during the arbitration proceedings, in attending physical hearings if required, in resolving the dispute in the shortest time possible, in the collection of the receivables under dispute, if any, and in the recognition and in the enforcement of foreign arbitrator decisions.
