BVI IAC Schedule of Fees
Below is a list of the fees payable by a client for the various services provided by the BVI IAC. This Schedule of Fees is effective as of 16 November 2016 and is applicable to all arbitrations commenced on or after 16 November 2016. This Schedule of fees and costs applies to the following services as of November 2016. All amounts are subject to change from time to time by the BVI IAC.
Schedule of Fees
BVI IAC Administration Fees
1. Non-refundable registration fee (payable in advance with the Notice of Arbitration: Article 3 of the Rules): US$1,500
2. Time spent by the Secretariat of the BVI IAC in the administration of the arbitration:
A filing fee is applicable to all arbitrations administered by the BVI IAC, and to each claim or counterclaim.
Note: BVI IAC will charge a minimum administration fee of US$2,500 payable for all cases, unless the Secretariat otherwise determines. Administration fees are calculated based on the hourly rates applicable to the different levels within the Secretariat. Administration fees are capped at US$75,000 for disputes above US$100,000,000. These administration fees do not include the following:
- Fees and expenses of the Tribunal; and
- Usage cost of facilities and support services for and in connection with any hearing (e.g. hearing rooms and equipment, transcription and interpretation services).
3. Acting as an Appointing Authority: BVI IAC charges a non-refundable processing fee of US$2,500 where it acts as an Appointing Authority. The appointment fee is payable where a request for appointment of arbitrator(s) is made in an ad hoc case. The fee is payable by the party requesting the appointment. A request for appointment must be accompanied by payment of the appointment fee.
4. Dealing with Challenges to arbitrators: the BVI IAC may at its discretion fix the fees of any member(s) of the Challenge Committee constituted by the Secretariat pursuant to Article 13, paragraph 5, of the Rules at a sum not exceeding US$10,000.
5. Acting as a Fundholder: Time spent on providing these services is charged at the published hourly rates of the Secretariat.
6. Provision of Hearing/Meeting Facilities: as per website rates.
7. Support and Concierge Services for and in connection with any hearing (e.g., equipment, transcription and interpretation services): reasonable market rates.
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The arbitral tribunal’s fees shall be calculated in accordance with the following table. The fees calculated in accordance with the table represent the maximum amount payable to each arbitrator (excluding tribunal secretary fees and expenses, if applicable).
|Sum in Dispute (US$)
||Arbitrators’ Fees (US$)
|Up to 50,000
|50,001 to 100,000
||4,500 + 13.500% excess over 50,000
|100,001 to 500,000
||9,500 + 6.500% excess over 100,000
|500,001 to 1,000,000
||28,000 + 4.800% excess over 500,000
|1,000,001 to 2,000,000
||45,000 + 2.700% excess over 1,000,000
|2,000,001 to 5,000,000
||65,000 + 1.200% excess over 2,000,000
|5,000,001 to 10,000,000
||90,000 + 0.700% excess over 5,000,000
|10,000,001 to 50,000,000
||115,000 + 0.300% excess over 10,000,000
|50,000,001 to 80,000,000
||200,000 + 0.150% excess over 50,000,000
|80,000,001 to 100,000,000
||240,000 + 0.075% excess over 80,000,000
|100,000,001 to 500,000,000
||250,000 + 0.065% excess over 100,000,000
||430,000 + 0.040% excess over 500,000,000 up to a maximum of 1,500,000
Note: The Tribunal’s fees may also include a charge for the time reserved but not used as a result of late postponement or cancellation of hearings, provided that the basis for such charge shall be advised in writing to, and approved by, the BVI IAC and that the parties have been informed in advance.
Where, with the consent of the parties, the arbitral tribunal appoints a secretary, such secretary shall be remunerated at a rate which shall not exceed US$200 per hour.
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How Do I Pay?
Payments may be made by a local cheque payable to “BVI International Arbitration Centre” or by bank transfer to our bank account. Please follow the link below for our bank details.
Bank Account Details