The following Arbitration guidance note provides comprehensive and up to date legal information covering:
This Practice Note concerns London Court of International Arbitration (LCIA) arbitration proceedings pursuant to the LCIA Arbitration Rules 2014 (the LCIA Rules) effective 1 October 2014.
For practical guidance on arbitration pursuant to the LCIA Rules 1998, the previous version, please see the relevant Practice Notes here: LCIA arbitration—overview.
The costs provisions under the LCIA Rules are set out in LCIA, art 24 (Deposits) and LCIA, art 28 (Arbitration Costs and Legal Costs) and the separate LCIA Arbitration Schedule of Costs.
The LCIA's administrative charges and the fees of the tribunal are calculated by reference to hourly rates because it is the LCIA's view that the costs should be based on time actually spent by the secretariat and arbitrators, not on the value of the claim and counterclaim. It has published data on the costs of LCIA arbitrations, which indicate that its hourly rate system is competitive. See News Analyses: Counting the costs—LCIA releases costs and duration data and The LCIA fights back: new costs and duration data 2013–2016.
The LCIA’s administrative charges and the arbitrators’ fees are collectively known as the ‘Arbitration Costs’ and are distinguished, in the LCIA Rules, from the legal and other expenses incurred by the parties themselves (LCIA, art 28.1).
On filing a Request for Arbitration (see Practice
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