Newsletter-21

182 NEWSLETTER 2016 For instance, pursuant to the Istanbul Arbitration Center Arbitra- tion Rules on expedited arbitration 2 , 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 disputes will be re- solved by a sole arbitrator, who shall render the award within 3 months from transmission of the file to himself/herself, and within one month commencing from the later date of the submission of the final written statement or the completion of the hearing. Features of the Expedited Rules of ICC Article 30 of the Rules and Expedited Procedure Rules that are set forth inAppendix VI (collectively the “Expedited Procedure Provi- sions”) regulate the expedited arbitrations to be conducted under the ICC Rules. It is clearly stated under Article 30 that by agreeing to arbitration under the Rules, the parties agree that Expedited Procedure Provisions shall take precedence over any contrary terms in the arbi- tration agreement, unless the arbitration agreement is not concluded prior to the entry into force of such provisions. As per the revised Rules, all arbitrations with amounts in dispute below US$ 2,000,000 will be automatically subject to the expedited procedure. If the parties wish to exclude the application of the Expe- dited Procedure Provisions, they must expressly opt out. If the parties wish to have their dispute in a higher amount resolved through the expedited procedure, this is also possible on an opt-in basis where the parties clearly agree. In addition, even though the Expedited Procedure Provisions should have been applied due to the circumstances, the Court may determine, after consultation with the arbitral tribunal and the parties, that it is inappropriate to apply the Expedited Procedure Provisions upon the request of a party prior to the constitution of the arbitral tribunal, or on its own motion considering the circumstances. In such case, such provisions shall not apply. 2 For a detailed examinton on the Istanbul Arbitration Center Arbitration Rules, please see H. Ercument Erdem, Istanbul Arbitration Center Rules of Arbitration, http://www.erdem-erdem.av.tr/publications/law-post/istanbul-arbitration-center- rules-of-arbitration/ (Access Date: 11.11.2016).