ARBITRAL TRIBUNALS CONTROL OF ARBITRATION COSTS IN INTERNATIONAL COMMERCIAL ARBITRATION

Abstract

The Arbitrators/Arbitral Tribunals were made to be responsible for the costs management of arbitration cases/costs, also were given powers to help the parties in this direction. Arbitration Agreement Costs and the costs of proceedings, which consist of:-

1. 1.       Arbitrations fees,
2. 2.       Arbitrations expenses,
3. 3.       Compensation and imbursements expenses to the Secretary of the arbitration tribunal, experts, recording or steno typists, hiring rooms and other necessary costs,
4. 4.       Administrative dues and expenses,
5. 5.       Parties counsel fees.

The Arbitrators/Arbitral Tribunals are so empowered to limit costs, forms and precedents, Arbitrators’ fees, taxation costs and security for costs, which is suitable for professional arbitration lawyers for the new and lay arbitrators. The New York Convention, Model Law, 1985 and the English Arbitration Act, 1996, helped to stimulate this area of the law which were enacted variously on the Costs in International Commercial Arbitration and in Domestics Arbitrations.