The International Chamber of Commerce (ICC) has revised its arbitration costs and fees which will increase with effect from 1 May 2010. The ICC has a sliding scale of fees depending on the amount in dispute. The amendment adjusts the rates applicable to each "slice" of the amount in dispute, with an average of 0.14% being added to most slices. Further, a new slice has been added to distinguish between cases valued at US$100-500 million and those over US$500 million (for the second category, a flat rate of US$113,215 will be charged for administrative expenses and arbitrators' fees will be calculated using rates that are the same, or slightly less, than before). The advance payment required when filing a Request for Arbitration has also increased from US$2,500 to US$3,000.

The changes will apply to all arbitrations commenced on and after 1 May 2010. We will update PLC Arbitration's Checklist, Arbitral institutions fees: a comparative table accordingly.

Source: International Chamber of Commerce