The following Arbitration guidance note provides comprehensive and up to date legal information covering:
The P.R.I.M.E Finance Arbitration Rules were revised in early 2016 (with the second edition dated 9 February 2016). The revised rules are available here and this Practice Note reflects the new rules.
The main provisions for costs are contained in Section IV of the P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Rules).
The tribunal is required to address the issue of costs at the outset of proceedings. Promptly after its appointment, the tribunal must tell the parties how it intends to determine its fees and expenses, including any rates it intends to apply. Within 15 days of receipt of the proposal, a party may seek a review of these fees and expenses by the appointing authority. The appointing authority must make any adjustments it considers necessary within 45 days (art 45(3)).
The tribunal is under a general obligation to ensure that its fees and expenses are reasonable in amount and in reaching the amount it has taken into account the relevant circumstances of the case (art 45).
After its appointment, the tribunal may also request the parties deposit an equal amount as an advance for the arbitral costs ref
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