Where necessary, the Court has discretion to fix the fees of the arbitrators at an amount higher or lower than that which is generated by the scales. ICC provides a costs calculator for this purpose. This system offers predictability for the parties who can estimate the range of costs as soon as the value of the claims is known. ICC’s administrative expenses and the arbitrators’ fees are fixed according to a scale of costs based on the monetary value of the claims, i.e. A financial statement of the case will be sent to the parties throughout the case. If there is any money left over, it will be reimbursed to the parties. Those costs, as well as the arbitrators’ reimbursable expenses, will then be paid from the advance on costs. The Court will fix the actual costs of the arbitration ( i.e., ICC administrative expenses and arbitrators’ fees) at the end of the case. If the claimant or the respondent pays its share of the advance on costs and the other refuses to pay, the former will be invited to pay on behalf of the latter.ĭiscover the cost calculator Costs of the arbitration The advance fixed by the Court is calculated for the entire arbitration and can be revised at any stage of the procedure. In certain circumstances, the Court may fix separate advances in respect of a principal claim and a counterclaim. Advance on costsĪs soon as practicable, the Court, taking account of principal claims and counter-claims, fixes the advance on costs payable in equal shares by claimant and respondent (the amount of the provisional advance that has already been paid, which includes the initial US$ 5,000, is credited to claimant’s share). Normally, the Court and Secretariat will wait for this provisional advance to be paid before taking significant steps towards the constitution of the Arbitral Tribunal. The provisional advance, is based on the principal claims and is intended to cover the costs of arbitration until the “Terms of Reference” are completed or until the case management conference when the Expedited Procedure Provisions apply. Provisional advanceįixed by the Secretary General upon or soon after receipt of the “Request,” which is to be paid by claimant. Please note that if the bank considers the clarification and corresponding documentation unsatisfactory pursuant to its legal obligations under French law, the payment received by ICC may be delayed, cancelled, or rejected. The filing fee payment should originate from the party to the case or, if payment is made by a third party on behalf of the claimant(s), clarification of the legal relationship with the claimant(s) and proof that this entity is entitled to make payments on behalf of the claimant(s) must also be provided along with the Request. Pursuant to the Note to Parties and Arbitral Tribunals on ICC Compliance, under certain circumstances Claimant parties may be requested to pay the filing fee in EUR currency.Ĭlaimant(s) are invited to transmit proof of filing fee payment to the ICC Secretariat along with their Request. When VAT is applicable (e.g., for Claimant parties established in France) a non-refundable filing fee of US$6,000 is requested. A US$5,000 non-refundable fee is also due from any party that files a request to join an additional party under Article 7.īefore proceeding to payment, Claimant parties should consult the Explanatory Note on VAT Applicable on ICC Administrative Expenses to verify whether French value-added tax (“VAT”) will be payable on their ICC administrative expenses. This is a condition of the Secretariat that notifies the “Request” to the respondent(s). Payment is staggered as follows: Non-refundable filing feeĪ first advance on administrative expenses of US$5,000 is payable by the claimant when it files the “Request for Arbitration”. The advances do not cover legal costs or the fees and expenses of any expert. The ICC advance on costs system is designed to ensure that an arbitration may proceed as soon as the relevant fees and expenses of the arbitrators and the institution are covered.
0 Comments
Leave a Reply. |