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LCIA Releases Data on Cost and Duration of Arbitrations
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LCIA Releases Data on Cost and Duration of Arbitrations

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The London Court of International Arbitration has recently released data regarding the median cost and duration of arbitrations conducted by it. This analysis was based on all arbitrations which were finally concluded by way of an arbitral award between 01.01.2013 and 15.06.2015. The total duration of an arbitration is calculated from the date of receipt of the Request for Arbitration till the date of issue of the Final Award. Any formal or informal stays/postponements are also included to calculate the total duration of the arbitration.

 

Based on this methodology the data released by the LCIA is as follows:

  • Median Duration of an LCIA Arbitration by all Tribunals: 16 months
  • Duration of an LCIA Arbitration by a Sole Arbitrator: 15 months
  • Duration of an LCIA Arbitration by a three-member Tribunal: 19 months

 

Similarly, the LCIA has also released data regarding the average cost of an arbitration at the LCIA.

  • Median cost of an LCIS arbitration: US$ 99,000
  • Mean cost of an LCIA Arbitration: US$ 192,000

 

It is pertinent to mention herein that the cost of an arbitration, as calculated by LCIA includes the administrative fee of LCIA, the fee of the Tribunal, and where relevant, the fee for correction of the award, fee of Tribunal secretaries, cancellation charges and the fees of the LCIA Court for determining a challenge.

 

This data is very helpful in ascertaining the feasibility of LCIA as an arbitral institution viz-a-viz other institutions like the ICC, HKIAC, SIAC etc. Furthermore, it promotes transparency and accountability in operations which goes a long way in fostering trust and confidence in the process of dispute resolution.