Scientific and Educational Review of Fast-Track Arbitration in the Context of Modern Practices

The length of trials before a national court and their high costs are two of the main reasons for the emergence of arbitration. Arbitration facilitates shorter and cheaper trials and enables the trial to be conducted by experts according to the will of the parties involved. This is why arbitration is extremely important in settling commercial disputes that can last for a long time. However, over time, due to the growing interest in arbitration and the nature of the disputes brought before arbitration, the processes began to take longer with high costs. To overcome this difficulty, the concept of fast-track arbitration with simplified procedures and fast conduct of the process emerged. This study will present a legal analysis of fast-track arbitration, advantages and disadvantages of expedited arbitration, will emphasize the distinctive properties of expedited arbitration, taking into account provisions in comparative law. Here, the perspective and general principles of expedited arbitration regulated by arbitral institutions in Europe, America and Asia will be explained in detail. Finally, the relationship between the general principles of arbitration and the suitability of fast track arbitration to those principles will be assessed.