New Communiqué on International Arbitration Fees
A new communiqué has been issued in respect to the fees pertaining to the international arbitration proceedings under the Turkish International Arbitration Law.
The new Communiqué on the International Arbitration Fee Tariff (“Communiqué”) has been published in the Official Gazette dated on March 6, 2021 numbered 31415 and entered into force as of 15.03.2021. The Communiqué regulates the fee tariffs and rates for the arbitrators in respect to the arbitration proceedings carried out in accordance with the Turkish Law of International Arbitration (Law No. 4686, published in the Official Gazette dated July 5, 2001 and numbered 24453).
Pursuant to Article 1, the Communiqué applies to the following cases:
If there is no agreement between the parties and the arbitrators in respect to arbitrator fees,
If there are no references to the fees in the relevant arbitration clause,
If there are no references to the settled or institutional international arbitration rules. The fee table set forth in Article 11 of the Communiqué is as below:
||Single Arbitrator Rate
||Rate for 3 or More Arbitrators
|For the first TRY 500,000
|For subsequent TRY 500,000
|For subsequent TRY 1,000,000
|For subsequent TRY 3,000,000
|For subsequent TRY 5,000,000
|For more than TRY 10,000,000