Enter to open, tab to navigate, enter to select
CIArb's Costs of International Arbitration Survey 2011
Practical Law UK Legal Update 1-508-6210 (Approx. 3 pages)
CIArb's Costs of International Arbitration Survey 2011
by PLC Arbitration
| Published on 29 Sep 2011 • International |
On 27 September 2011, the results from the Chartered Institute of Arbitrators' Costs of International Arbitration Survey 2011 were presented at CIArb's international conference, Costs of International Arbitration, in London. (Free access.)
On 27 September 2011, the results from CIArb's Costs of International Arbitration Survey 2011 were presented at CIArb's international conference, Costs of International Arbitration in London (see Legal update, CIArb launches survey into costs of international arbitration). The survey ran from November 2010 to June 2011, included information on 254 arbitrations conducted between 1991 and 2010, and was completed by international arbitrators and lawyers from five continents.
The results of the survey showed that:
- The costs of international arbitration vary, depending on where the arbitration takes place.
- The UK was chosen as the most common arbitral seat for survey respondents.
- Claimant costs averaged nearly 10% higher in the rest of Europe compared with in the UK.
- External legal fees were over 26% higher in the rest of Europe (74% of party costs were spent on external legal fees).
- Common costs (such as arbitrators' fees) were reportedly over 18% higher in Europe than in the UK.
- Party costs were around 13% higher in civil law countries than common law countries.
- On average, claimants spent 12% more than respondents.
- The average length of an arbitration was between 17 and 20 months.
- Institutions administered 62% of arbitral proceedings, with the International Chamber of Commerce appearing as the most popular choice for institutional arbitrations. The survey draws no conclusions about whether institutional arbitration is more or less expensive than ad hoc arbitration or on the relative cost of institution-administered arbitration.