Request for Expedited Procedure

Simple Explanation:

If the parties to the dispute want the arbitration to proceed much earlier than the usual arbitration procedure, they can use the expedited procedure. In this regard, the CODAC Arbitration Club will conduct immediately on the constitution of arbitral tribunal and rendering award.

Article 29 of CODAC Rules

Expedited Procedure

Prior to the constitution of the Tribunal, either Party may register an expedited procedure request under these rules with the arbitration secretariat, if any of the following exists:
(A) The amount in dispute (in terms of the total amount claimed and counter claim) shall not exceed the amount determined by CODAC annually through publication on its official website;
(B) The Parties have agreed upon;
(C) In exceptional cases, the Secretary determines expedition in procedure.

Cieling Amount permitted for Expedited Procedure

15.000 – Euro

Exchange Rate for conversion of claim currency in order to be compared by the above amount is as stated in the following website: