Investor Presentaiton
78
INVESTOR-STATE DISPUTE SETTLEMENT: A SEQUEL
US$32,000 annual
maintenance fee.
No assumption with
respect to allocation of
costs; left to the
discretion of the
arbitrators.
on them, the appointing
authority will determine
the appropriate fees,
which is binding on the
parties and the tribunal
(1976 and 2010 Rules).
Arbitrators' fees are
often higher than those
in the ICSID schedule.
There is a presumption
that costs will be
awarded against the
losing party; however,
the arbitral tribunal may
apportion costs between
the parties if it concludes
apportionment is
reasonable (1976 and
2010 Rules).
3. Place (seat) of arbitration
The parties to investment arbitration, with the exception of
arbitrations under the ICSID Convention, must choose a legal seat
of arbitration (actual hearings do not necessarily take place at the
legal seat of arbitration). If the parties do not agree on the seat of
arbitration, the seat will be determined by the applicable arbitration
rules. Usually the tribunal will make the decision, though some
arbitral rules provide otherwise: in SCC arbitrations the decision is
made by the SCC board. Some IIAS, such as NAFTA Chapter 11,
limit the authority of a tribunal to choose the place of arbitration by
specifying that the arbitration must be sited in one of the States
UNCTAD Series on International Investment Agreements IIView entire presentation