Due to the confidentiality and efficiency, international arbitration is one of the famous legal solutions to resolve disputes of cross-border industries or companies. Some of the cost involved in arbitration should take in account carefully between both parties before an appointment of arbitrators.
The cost involved from hiring an International Arbitration Lawyer till the final award is provided can be categorized into five types such as:
- Arbitrators’ Fees And Expenses
The arbitrators’ fees are set by the institution administering the arbitration or by the arbitrators themselves. Therefore, the parties should have consensual in advance regarding the selection of either one or three arbitrators according to the circumstance of their case.
- Administrative Costs
In institutional arbitration, each institute have their own fixed charge of administrative cost for applicable laws in arbitration, guidelines for parties, arrangement of arbitrators if required, review the rewards, filling the documents etc.
- Expert Fees
The experts who are professional and experienced in specified industry field are hired for providing advice in complex commercial dispute case. The fees are depending on the complexity of case and the type of expert.
- Legal Costs
Parties are responsible for the legal fee of counsel during the arbitration proceeding. By hiring an experienced and professional International Arbitration Lawyer, they know how to anticipate and prevent costs from spiraling out of control.
- Witnesses, Management and Other Logistical Costs.
The witness travel and accommodations cost, necessary translation services, interpreter services, court reporter services, videographer services, rental fees for hearing rooms etc. are the responsible of both parties.
If you have no idea how to calculate the cost of international arbitration, you can get the estimated cost through arbitration cost calculator available online.
To know more, you can visit https://www.acerislaw.com/