The costs of arbitration should be proportionate not only to the legal and factual complexities but also the means of all parties involved. One of the great benefits of mediation is the reduced costs compared with going to court.
Before deciding arbitration is the best course of action you would want to have a good idea of the fees charged. While fees are negotiable depending on the complexity of the case, the following are guidelines as to my normal fees as an arbitrator for disputes up to £500,000. Prior to beginning the mediation process, all fees will be agreed upon and fixed in place. Up to and including the hearing they are payable in advance by both parties. I will notify the parties when the award has been completed and is ready for delivery. In accordance with the usual practice the award will be delivered as soon as the fee for it is paid by either party or both.
One day arbitration:
- £1500 + VAT per party (includes up to 3 hours preparation & full day e.g. 10.00am – 5.30pm or 10.30am to 6.00pm)
Two or more days Arbitration:
- Day one – £1500 + VAT per party (includes up to 3 hours preparation & full day e.g. 10.00a.m – 5.30pm or 10.30am to 6.00pm)
- Further days – £1250 + VAT per party per day
- Any additional preparation, hearing hours and writing a reasoned award £150 + VAT per hour for each party.
- More than two-party arbitrations and disputes in excess of £500,000 – fees to be agreed.