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ICSID to revise Schedule of Fees
Practical Law UK Legal Update 9-513-6490 (Approx. 3 pages)
ICSID to revise Schedule of Fees
by PLC Arbitration
| Published on 24 Nov 2011 • International |
On 1 January 2012, the International Centre for Settlement of Investment Disputes (ICSID) will revise its Schedule of Fees.
On 1 January 2012, the International Centre for Settlement of Investment Disputes (ICSID) will revise its Schedule of Fees. The revised Schedule contains three main amendments:
- The administrative fee is to increase from $20,000 to $32,000 for all new and pending cases. This fee becomes payable once the arbitral tribunal, conciliation commission or ad hoc committee has been constituted. It is then payable annually after that.
- The current fee of $1,500 a day that parties are charged for ICSID's legal staff to attend hearings held away from the seat of ICSID is to be removed. This fee will now be covered by payment of the administrative fee.
- The costs of hearing rooms, when the proceedings are held in World Bank Group facilities, will also be covered by the administrative fee.
The revised ICSID Schedule of Fees will replace the old Schedule, which has been in effect since 1 January 2008.