WHAT WILL IT COST?
The cost of an arbitration depends on the amount in dispute and the number of steps required to resolve it. Few steps are usually required to resolve a dispute over a $30,000 car. Many more steps are usually required to resolve a dispute over a complex business worth millions of dollars.
The following table shows the steps that may be required and what the arbitration will cost (all figures plus GST).
|AMOUNT IN DISPUTE:||Up to $50,000||$50,000 to $250,000||$250,000 – $1,000,000||$1,000,000+ or company or trust|
|Follow simple rules instead of preliminary conference||*|
|Procedure is adopted at preliminary conference||*||*||*|
|No orders for further disclosure||*|
|Any orders for disclosure will be made after written submissions||*|
|Any orders for disclosure will be made after one or more conferences||*||*|
|Sequential filing of evidence and Submissions by each party||*||*||*||*|
|Arbitrator gives award after reading the material provided by the parties||*||*|
|One day hearing with party time limits||*|
|Conventional hearing with evidence and submissions||*|
|Total Arbitrator’s fee including award||$5,000||$10,000||$20,000||$500 per hour|
|Plus issues conference if sought||$2,000||$5,000||$5,000||$500 per hour|