Last week, the Chartered Institute of Arbitrators (“CIArb”) launched the results of the CIArb’s survey into the costs of international arbitration. The survey was completed by arbitrators and lawyers from five continents and includes information on 254 arbitrations conducted between 1991 and 2010.
Here are some of the highlights:
The survey results indicate that the costs of international arbitration vary depending on where the arbitration takes place, with the UK as the most commonly chosen arbitral seat for survey respondents. Claimant costs noted in this survey averaged nearly 10% higher in the rest of Europe compared with in the UK, while external legal fees were over 26% higher in the rest of Europe. Common costs, such as arbitrators’ fees, were reportedly over 18% higher in Europe than in the UK. Furthermore party costs were returned as around 13% higher in civil law countries than common law countries.
The survey results also showed that claimants spent 12% more than respondents, and that the average length of an arbitration was between 17 and 20 months.
According to the survey, 62% of arbitral proceedings were administered by an institution, with the ICC appearing as the most popular choice for institutional arbitrations.