How much is the cost of arbitration?

Arbitrator fees normally range from about $1000 per day (per diem) to $2000 per day, usually depending upon the arbitrator’s experience and the geographic area in which he or she practices.

What is included in the term cost in arbitration?

The costs of arbitration include arbitrator’s fee, administrative and secretarial expense, expenses on travel of arbitrator and others concerned, stenographic, translation and interpretation charges, stamp duty on award, expenses of witnesses, cost of legal or technical advice and other incidental expenses arising out …

How expensive is arbitration UK?

The overall cost would depend upon whether they needed to attend the arbitration hearing. You would probably be looking at costs based on hourly rate of around £80 plus VAT per hour – so perhaps up to around £400 each for a report.

What’s the average cost of an arbitration case?

Party fees make up an average of 83% of the total arbitration costs whilst procedural fees remain much lower in comparison. Who bears the costs of arbitration? The disputing parties can themselves agree how costs will be borne, with the unsuccessful party paying in most cases.

How long does it take to get a decision in an arbitration case?

According to a recent study by the Federal Mediation and Conciliation Services, the average time from filing to decision was about 475 days in an arbitrated case, while a similar case took from 18 months to three years to wend its way through the courts.

Are there universal decisions on costs in international arbitration?

Given that party autonomy and flexibility are central to international arbitration, there is no single, universal approach to the allocation of costs. With this objective in mind, the Commission established a Task Force on Decisions as to Costs, which took the following initiatives:

What are the rules of Arbitration in the UK?

Article 37(5) provides that: In making decisions as to costs, the arbitral tribunal may take into account such circumstances as it considers relevant, including the extent to which each party has conducted the arbitration in an expeditious and cost-effective manner.

Why does arbitration take longer than a court case?

One is the relative speed of the process. A court proceeding can often take years to resolve, while most arbitrations take far less time. Another reason is cost. While the filing fees and arbitrators’ fees are often rather high, the parties usually more than make up for this by reducing their own costs.

Do you forget about the costs of Arbitration?

Indeed, most times, when parties are stipulating their arbitration clauses, they focus on the seat and applicable law, the language of the proceedings, and the institution to conduct their case. Mostly, they forget about the costs of the arbitration (including the most significant issue: the arbitrators’ fees).

How much does an arbitrator charge per day?

Arbitration is becoming more costly as more entrenched and more experienced lawyers take up the cause. It is not unusual, for example, for a well-known arbitrator to charge $3,000 to $4,000 per day for his or her services.

What are the decisions on costs in international arbitration?

Article 37 (5) provides that: In making decisions as to costs, the arbitral tribunal may take into account such circumstances as it considers relevant, including the extent to which each party has conducted the arbitration in an expeditious and cost-effective manner.