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Cost Concerns In The Drafting Of Arbitral Awards—An Issue Of Ethics

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Chapter Summary

Most arbitrators do not think of arbitration costs as an ethical issue. Overly high costs in international arbitration are not only unfair to the parties, particularly if one side has significantly less financial resources than the other, but high costs also diminish the credibility of the process as a dispute resolution mechanism in the eyes of the business community and all users of international arbitration, and on rare occasions may even be contrary to public policy as unfair to impecunious parties. There are many well-known techniques for containing costs in arbitration. Perhaps the most obvious and most useful method is agreement at the outset of the proceeding on various procedural matters and memorializing that agreement in a procedural order. This chapter emphasis on means of reducing costs and that is reducing time and costs in the drafting of arbitral awards.

Keywords: arbitration costs; arbitrators; dispute resolution mechanism; drafting arbitral awards; international arbitration



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