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April 29, 2017|
Question: I bought real estate units but the developer has not built them and did not deliver under the terms and conditions of the contract. I am planning to file a case as the jurisdiction clause in my contract says I can lodge a dispute in any arbitration centre. I heard that the arbitration process takes only six months. Is it true?
Answer: Article no 210/1 of Civil Procedures Law No 11 for 1992 and its amendments states that if the parties to the agreement have not specified a time-frame for dispute settlements then an arbitrator will pass judgment within six months from the date of the first arbitration session, otherwise any party is entitled to refer the dispute to a court. It should be noted, however, that the arbitrator has the right to extend this period for additional months after getting approval from the authorities who appointed them, or with the consent of all concerned parties.
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