Newsletter-21

179 ARBITRATION LAW Costs Arbitration costs and advance fees are subject to detailed provi- sions under the Rules. Special emphasis is made to payment of fees, costs and advance payments in the commencement of the arbitration and the termination of proceedings. In principle, the parties shall equally bear the costs of arbitration proceedings. However, if an advance payment is not duly made, the proceedings shall be suspended, and the parties shall be so notified. If one of the parties fails to pay their share of advance payments, the other party may pay the necessary advance amount. The arbitral award shall be rendered to comprise the decision governing the costs of ar- bitration. Expedited Arbitral Proceedings One of the most prominent aspects of the ISTAC and the Rules is the emphasis made with respect to time effectiveness. Pursuant to the ISTAC rules on Expedited Arbitration, unless agreed to otherwise by the parties, total claims that do not exceed TRL 300,000 on the date of initiation of arbitration are subject to the rules on expedited arbitration proceedings. The claimant shall directly submit its statement of claim and its appendices to the Secretariat in the initiation of arbitration. The respondent shall provide its statement of defense and its appendices within 15 days from receipt of documents related to the arbitration. In principle, a sole arbitrator shall resolve disputes under expedit- ed arbitrations. Unless agreed to the contrary, the parties shall jointly appoint the arbitrator, and upon the failure of which, the Court shall designate the sole arbitrator. A party objecting to the appointment of the sole arbitrator, or to the application of expedited arbitration rules to the current proceedings even prior to the appointment of the arbitrator, shall raise this objection with the Secretariat within a period of 5 days. The expedited arbitration aims to shorten the duration of the arbitration proceedings as a whole, and not just the time periods in which the parties are subject to. Therefore, the expedited arbitration