27.06.2024
News
Costs of Arbitration: Everything Comes at a Price

International arbitration is a procedure which is widely regarded as more advantageous option over state courts for resolving cross-border disputes, and it is understandable as arbitration offers more expeditious and efficient dispute resolution. Unfortunately, arbitration might be more costly. Therefore, before initiating arbitration, parties should throughly assess not only legal prospects of the case, but also its financial side – it should be worth the trouble.

The main categories of costs that should be considered include the following: administrative fees of arbitration institution, tribunal’s fees, counsel’s and experts’ fees, expenses associated with hearings (including any actual expenses incurred by the parties involved). Furthermore, the parties should also consider such hypothetical expenses as the one connected with challenge of the award, along with the costs associated with enforcement and asset-tracing (in case the opposing party refuses to comply with the award voluntarily).

Read more about costs of arbitration in our alert attached

27.06.2024
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