1 June, 2016
The Hong Kong International Arbitration Centre (HKIAC) is pleased to introduce two updated Practice Notes on Costs of Arbitration (the Practice Notes), which will come into effect on 1 June 2016.
These Practice Notes supplement the provisions on costs of arbitration under the 2013 HKIAC Administered Arbitration Rules (the Rules). One set applies to arbitrations in which the arbitral tribunal’s fees are determined by hourly rates and the other applies to arbitrations in which the arbitral tribunal’s fees are determined based on the sum in dispute. These Practice Notes, which replace the Practice Notes on Arbitral Tribunal’s Fees, Expenses, Terms and Conditions effective on 1 November 2013, further clarify and detail HKIAC’s practice of paying fees and expenses of arbitrators, tribunal secretaries and HKIAC under the Rules. New provisions include a section indicating the amount of HKIAC administrative fees payable where the parties settle or terminate their case at different stages of the arbitral proceedings. There is also a new provision that expressly permits a party to seek a separate award from the arbitral tribunal to reimburse that party for any deposit which it has paid on behalf of another party. The adoption of these Practice Notes represents HKIAC’s latest efforts to increase transparency and certainty of HKIAC arbitration.
