ABSTRACT: International arbitration, which has been used in settling international commercial and investment disputes and whose popularity has taken the lead among other alternative dispute resolution methods, no longer suffers from an existential anxiety but seeks to eliminate its on-going drawbacks, in order to provide the optimal level dispute resolution procedures to disputing parties. To this end, one of the most clouded problems of international arbitration is surely arbitration costs that may amount to intimidating levels in many circumstances. Therefore, in order to prevent the decrease on the volume of international arbitration due to the expensive arbitration costs, one may argue that, TPF, which has already been widely practiced in common law jurisdictions, could be an alternative for in international arbitration as well. Accordingly, this has paved the way for application of TPF in international arbitration and, in this thesis work, the background, multi-faceted roles and application of TPF in international arbitration are examined in detail.