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ASA launch initiative for transparency in arbitration costs
Practical Law UK Legal Update 7-509-0681 (Approx. 3 pages)
ASA launch initiative for transparency in arbitration costs
by PLC Arbitration
| Published on 11 Oct 2011 • International |
On 27 September 2011, the Swiss Arbitration Association launched the Swiss Initiative for Transparency in Arbitration Costs, at the Chartered Institute of Arbitrators' international conference, Costs of International Arbitration, in London.
On 27 September, the Swiss Arbitration Association (ASA) launched the Swiss Initiative for Transparency in Arbitration Costs, at the Chartered Institute of Arbitrators' (CIArb) international conference, Costs of International Arbitration, in London. The conference focused on the results from CIArb Costs of International Arbitration Survey 2011, which highlighted that common costs (such as arbitrators' fees) were reportedly over 18% higher in Europe than in the UK (see Legal update, CIArb's Costs of International Arbitration Survey 2011).
The ASA's initiative refers to the CIArb's survey as "a step in the right direction", but identifies a need for "greater refinement" in the collection and analysis of data. The ASA proposes the formation of an international working party, jointly led by the ASA and the CIArb, with the aims of:
- Carrying out research into the costs of arbitration.
- Determining the causes of arbitration costs.
- Examining possible ways to improve cost-efficiency.