In any international Arbitration, legal fees are by far the largest single expense, accounting for approximately 2/3 of the costs of resolving a dispute via international arbitration, although the cost of legal experts can also be significant. The ratio between administrative and arbitrator costs versus party costs is similar at other international arbitration institutions, and a good rule-of-thumb is that administrative expenses and arbitral fees will constitute 20% of the costs of an international arbitration that does not settle, and an international arbitration will take 18 months from start to finish.
Even, there are many ways for clients to minimize the cost of international arbitration, some of which are directly under the control of parties to a dispute, such as the selection of legal counsel. Many others are directly under the control of lawyers and arbitrators, over which the client has no direct control, but may influence indirectly through his or her legal counsel. However, it is equally important to estimate arbitration cost.
You need Arbitration cost calculator to estimates the total likely cost of resolving a dispute via international arbitration. You can take the official cost calculators and gone one step further, adding automatic estimates of the remaining costs of an average arbitration. The models based on the best data available with respect to the time and cost of international arbitrations to do so, and the results tend to be rather accurate. These calculators estimate the total cost of resolving a dispute via international arbitration automatically, including administrative costs, arbitrator fees, legal fees, expert costs and witness costs. They also estimate the expected duration of a given arbitration. ICC Arbitration Cost Calculator calculates the full costs of ICC arbitration, including administrative and arbitrator fees, but also legal fees, expert costs, and witness, management and other expenses. It also estimates the average duration of a given case.
This post first appeared on Three Things That Makes An International Arbitration Law Firm Reliable, please read the originial post: here