The arbitration scene in Turkey is mainly occupied by four institutions, namely: Turkish Bar Association Arbitration Centre, Turkish Insurance Arbitration Commission, Istanbul Arbitration Centre(ISTAC), Istanbul Chamber of Commerce Arbitratiın Centre(ITOTAM). All four of these institutions process and resolve a large number of disputes of monetary value.
A recent development in Turkish arbitration and law enforcement is a move towards fixed fees for arbitrational services and the enforcement of foreign arbitral awards. Until recently, claimants were required to pay a fee proportional to the value of their disputes. With recent changes in international arbitration law, claimants can apply for the resolution of their disputes by Turkish arbitration institutions, paying only a fixed fee. This results in favourable costs of arbitration for high-value disputes when compared to other countries.
The main medium of interaction between courts and arbitrational institutions is periodic conventions held by the institutions, where Supreme Court judges and District Court of Appeals judges are also invited. In these meetings, parties share their interpretations on arbitral law, recent developments in the international arbitration scene and make resolutions to further improve the arbitral process.
Most kinds of insurance disputes are on the verge of change, moving into the world of autonomy. The distribution of liability between parties in a case where autonomous devices may be held responsible is destined to cause debates concerning the notions of “ownership” and “responsibility”, further challenging the arbitral lawmakers’ understanding and questioning views that were once taken for granted.
With the introduction of cryptocurrencies and smart contracts to the world of finance and lending, governments may try and regulate the scope of different practices and procedures that take place in different blockchains. The financial losses and disputes that may occur in the metaverse and the crypto space due to reasons such as cyber-attacks and unregulated over-leveraging require a broad understanding of these concepts and also new kinds of expertise in blockchain forensics when dealing with such disputes. The International arbitration community may have to adapt to these changes if these advancements are made mainstream.
