Investor Presentaiton
146
INVESTOR-STATE DISPUTE SETTLEMENT: A SEQUEL
171
per party. This equal allocation is without prejudice to the final
allocation of costs by the tribunal. 172
1. Arbitrator fees
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Remuneration of arbitrators can amount to a sizeable part of the
overall arbitration costs. In the ICSID system, arbitrators' fees are
set according to the schedule currently US$3,000 per day per
arbitrator
in addition to subsistence allowances and
reimbursement of travel expenses (although the parties may agree to
different arbitrators' fees, with the Secretary-General's permission).
Under the UNCITRAL Rules, arbitrators generally set their own
fees. They are to be "reasonable", taking into account the monetary
amount in dispute, the complexity of the subject-matter, and the
amount of time spent by the arbitrators. The fees charged by
arbitrators in proceedings governed by the UNCITRAL Rules tend
to be higher than those in the ICSID schedule.
IIAS are typically silent on the matter of arbitrators'
remuneration, although some recent treaties have addressed the
issue. For example, the Colombia-Japan BIT (2011) states:
"The disputing parties may agree on the fees to be paid to the
arbitrators. If the disputing parties do not reach an agreement
on the fees to be paid to the arbitrators before the
establishment of the Tribunal, the fees and expenses
established from time to time in the ICSID and effective at the
time of the establishment of the Tribunal shall apply."
(Article 30.6).
171 Kinnear, Bjorklund and Hannaford, 2009, p. 1135.
172
ICSID Convention Articles 59-61; ICISD Administrative and Financial
Regulations 14(3) and 16.
UNCTAD Series on International Investment Agreements IIView entire presentation