Newsletter-21

180 NEWSLETTER 2016 rules state that the sole arbitrator shall render his/her award within 3 months from delivery of the arbitration file to himself/herself. In fact, the award shall not be rendered later than one month commencing from the later date of the submission of the final written statement or the completion of the hearing. Conclusion The ISTAC Rules of Arbitration, which entered into force on October 2015, determines the scope of arbitration proceedings that will be conducted within the ISTAC. These Rules, which adopt the generally accepted practices and rules in international arbitration, are a set of rules easily acceptable to parties participating in an international arbitration. In addition to complying with the present generally accepted practices, the ISTAC Rules of Arbitration also aim to cover the needs that arise in practice. The most important example of this is the aim of the Rules to conclude a dispute in the shortest time period possible. This is especially the predominant feature foreseen in the rules ap- plicable to expedited arbitrations for claims that do not exceed TRL 300,000, and which require disputes to be resolved under an award, latest, within three months. The special emphasis made to time and cost-effectiveness in the Rules aims to resolve disputes swiftly, and with minimal costs. The ISTAC Rules of Arbitration serve to establish an institutional arbitration that is independent, autonomous, and which is capable of competing internationally.