The Dubai International Arbitration Center fees are those charged by the center for accomplishing an arbitration task in the UAE. Where arbitration takes a leading role in the modern business world, particularly in the UAE, due to its efficiency and effectiveness in resolving disputes without the need for prolonged judicial processes. These fees are crucial for the operation and maintenance of the center’s high standards of service, reflecting its pivotal role in the business and legal landscapes. If you are interested in more details read this article.
Dubai International Arbitration Center
The Dubai International Arbitration Center has secured a significant and parallel position to the eminence of the emirate where it is located on the global business and trade map. Dubai is one of the most diverse cities in the world in terms of the nationalities of its residents and workers, and the companies present from various business sectors. The center has capitalized on its geographical location to establish its global presence, especially in the Middle East, Africa, and South Asia regions.
The Dubai International Arbitration Center is an independent and neutral entity that has been providing effective, fair, and cost-efficient arbitration services to resolve disputes for over thirty years. It relies on a set of globally recognized rules and practices that govern arbitration procedures.
The center has handled more than five thousand complex cases worldwide, thanks to the efforts of a broad team of legal specialists from diverse cultural and educational backgrounds who speak various languages and ensure adherence to procedures and rules to achieve correct and effective solutions that safeguard the rights of the parties involved in the contract.
Resorting to arbitration requires its inclusion as a clear clause within the contract, referring any related issue to the Dubai International Arbitration Centre for resolution according to the arbitration rules and making appropriate decisions in such cases. The contract should specify the number of arbitrators, which can range from one to three, and it is preferable to mention the seat of arbitration or its legal location, as well as the language and law to be applied in resolving the dispute.
What is Dubai International Arbitration Center Fees?
The fees for the Dubai International Arbitration Centre are divided into three categories:
1. Administrative Fees:
regarding Dubai International Arbitration Center fees The arbitration costs at the Dubai International Arbitration Centre include administrative fees for the claim and counterclaim, as well as the fees and expenses of the tribunal determined by the center according to the fee schedule in effect at the commencement of arbitration proceedings. These also cover any expenses incurred by the tribunal regarding the arbitration and the fees and expenses of any expert appointed by the tribunal during arbitration.
The administrative fees include a registration fee of five thousand UAE Dirhams, payable upon filing for arbitration or a claim related to an urgent interim measure. If it is determined that the application does not qualify for registration according to the center’s arbitration rules or procedures, this amount is non-refundable.
Payment of this registration fee is a prerequisite for the center to accept the registration of this case and manage it, including any counterclaim or request for an urgent interim measure.
2. Arbitrators’ Fees:
In addition to the aforementioned fees, there are fees specific to the arbitrators, which are related to the remuneration of the arbitration panel. These fees are paid in equal shares by both parties to the arbitration as an advance on the case costs, with one party covering for the other in case of inability to pay.
The fees for the tribunal are determined by the Dubai International Arbitration Centre by calculating an average amount, referencing a minimum and maximum threshold specified by the center in its published schedule for the total claims amounts.
The center reserves the right to increase the total calculated fees to the upper limit, provided it does not exceed three times the fees specified for a single arbitrator.
3. Additional Service Fees:
Arbitration matters may undergo numerous changes and adjustments based on the proceedings, altering the fees and payments incurred by the arbitration panel, which may result in additional financial burdens. The law of the Dubai International Arbitration Centre allows for an additional amount equivalent to 20% of the arbitration panel’s fees to be charged to cover the panel’s expenses.
It should be noted that the law has established the Dubai International Arbitration Centre as an independent institution capable of adjusting these fees and costs as necessary within its regulations, and to announce such changes directly and publicly.
Method of Payment of Dubai International Arbitration Center Fees:
The payment of Dubai International Arbitration Center fees is made after calculating the expected amount through the center’s website, which is equipped with a cost calculator. Payments can be made in various ways, including via bank transfer to the Dubai International Arbitration Centre’s account at Emirates NBD, and must be made in UAE Dirhams. It is also necessary to retain proof of payment and ensure that the transfer includes any fees that the bank may deduct.
In conclusion this Article about Dubai International Arbitration Center Fees, remember:
It is essential to emphasize the importance of including a contractual clause that refers any disputes arising under the contract to arbitration. The contract should also specify the method of appointing arbitrators, ensuring that both parties are aware from the outset of the arbitration costs and fees, the advantages of arbitration, and the potential time savings compared to judicial solutions, thereby facilitating the achievement of desired resolutions without the complexities and extended durations associated with court proceedings.
It is also worth noting the international significance of the Dubai International Arbitration Centre, gained through the expertise of its arbitrators, the organization of the center, and its ability to resolve a significant number of complex arbitration cases in the UAE and the broader Middle East, making it a vital choice for contractors in various contracts and fields.
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Senior Legal Consultant has been practicing law in UAE for a period in excess of 20 years. He has represented clients in their personal and business transactions and advocating on their behalf before Courts throughout the UAE. He has consistently achieved top results for his clients in a variety of different industries. He specializes in Corporate, Civil, IP, DIFC Courts.