Choosing The ‘Right’ Arbitration Institution—Guidance for Businesses On Costs
April 16, 2018 - Arbitration analysis: Pelin Baysal (Deputy Board Member of ISTA) and Bilge Kağan Çevik of Turkish law firm Gün + Partners discuss the relevance of costs when concluding an arbitration agreement where the parties have settled on institutional rather than ad hoc arbitration.
They had selected five arbitration institutions that they believe represent a well-rounded mix with regards to their relevance, reputation, geographic location, and cultural preference, namely:
· the International Court of Arbitration of the International Chamber of Commerce(ICC)
· the London Court of International Arbitration(LCIA)
· the Arbitration Institute of the Stockholm Chamber of Commerce(SCC)
· the Singapore International Arbitration Centre(SIAC)
· the Istanbul Arbitration Centre(ISTAC)
As for selecting the ‘right’ arbitration institution, numbers often speak louder than words. In a survey carried out by the Queen Mary, University of London School of International Arbitration in 2010, when selecting an arbitration institute, 46% of the interviewees considered the arbitration rules as an important factor while 41% considered the overall cost of service as an important factor. It is no surprise that for businesses, it is the cost of arbitration that captures their interest. Although the cost of arbitration may not have an impact on the merits of the case, for businesses, cost may sometimes be the determinative factor on whether to pursue arbitration or not.
For this reason, this article (the first in a two part series) compares the overall costs of the arbitration institutions mentioned above. The second part will provide a detailed comparison of the institutions’ arbitration rules. Having compared different arbitration rules and their costs, the aim is to enable businesses to find the ‘right’ arbitration institution for the dispute in hand.
Full Text: Gun + Partners; http://gun.av.tr/choosing-the-right-arbitration-institution-guidance-for-businesses-on-costs/
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