Law Innovations (Philippines)

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Posts Tagged ‘arbitration’

International Chamber of Commerce Revises Arbitration Costs

Posted by Oli Reyes on April 27, 2010

A heads up from our friend and emerging international arbitration specialist Jun Bautista. For those involved in arbitration practice, some important news out there. The International Chamber of Commerce, the largest business organization in the world and one of the leading providers of arbitration services worldwide, will be revising its arbitration costs effective 1 May 2010. This will be the first time since January of 2008 that the ICC will be revising its arbitration costs.

From the ICC website, an overview of the revised costing:

“The revision does not change ICC’s traditional method of calculating administrative costs and arbitrators’ fees on the basis of the amount in dispute. However, the rates applicable to each ‘slice’ of the amount in dispute have been adjusted. An increase averaging 0.14 of a percentage point has been applied to most slices…As an example of changes resulting from the new scales, the advance on costs requested in a case valued at US$ 1 million submitted to a sole arbitrator might rise to US$ 61,093 from US$ 56,485 presently, and the advance in a case valued at US$ 25 million submitted to a tribunal of three arbitrators, to US$ 480,989 instead of US$ 447,730 presently (these examples do not include arbitrators’ expenses)”

The revised costs, as reflected in Appendix III of the ICC Rules of Arbitration, may be found here (PDF).

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