Newsletter-21

176 NEWSLETTER 2016 As is the case for the sole arbitrator, in the event the third arbitrator cannot be designated, it shall be appointed by the Court. In both cases, the arbitrator(s) shall be, and are expected to re- main throughout the arbitration proceedings, impartial and independ- ent; otherwise, the rules applicable to the challenge and replacement of arbitrator(s) may be referred to and be applicable. Arbitral Proceedings The ISTAC Arbitration Rules regulates the principles and rules applicable to the proceedings under its Section IV entitled “Arbitral Proceedings”. Some of the material principles and rules are summa- rized, below: • The parties to a dispute have a right to fair trial. The arbitrator(s) shall conduct the proceedings, fairly, impar- tially, with a view to ensure equality of the parties. • The proceedings shall be swiftly conducted with a view to cause minimal costs; hence, cost and time effectiveness is essential. • Unless agreed to the contrary, the arbitral proceedings shall be confidential. • Procedural matters not regulated under the Rules shall be subject to the rules agreed to by the parties, in the absence of which, to the rules determined by the arbitrator(s). • All parties to a proceeding shall act in compliance with the good faith principle. • Unless otherwise agreed upon, the place of arbitration shall be Istanbul. • The merits of the case shall be subject to the law designated by the parties. In the event that no such law applicable to the merits is specified, the arbitrator(s) shall apply the legal provisions they deem fit.