The study shows that SIAC arbitrations may provide faster dispute resolution than LCIA arbitrations.
On 10 October, the Singapore International Arbitration Centre (SIAC) published its study on the average cost and duration of 98 arbitrations filed under the SIAC Rules in which a final award was issued between 1 April 2013 and 31 July 2016.
The analysis included the SIAC’s administration fees and expenses and the tribunal’s fees and excluded the legal and consultants’ fees and the tribunal’s expenses and taxes.
SIAC defined an arbitration’s duration as the period between when a Notice of Arbitration is filed until the Final Award is published, inclusive of any stays.
On 3 November 2015, the London Court of International Arbitration (LCIA) published its analysis on the average cost and duration of LCIA arbitrations for the period 1 January 2013 to 15 June 2015.
Please click here to view table.
A comparison of the data may suggest that SIAC arbitrations provide quicker dispute resolution. However, no data is available from either study regarding the amount in dispute or the complexity of the issues under consideration. The SIAC’s study suggests that most of the 98 cases were below US$5 million. The LCIA did not publish the average value of the disputes surveyed.
The studies also do not reflect the time that tribunal members spent on each case. Under the LCIA, tribunal members charge an agreed-on hourly fee. Under the SIAC, save for exceptional circumstances, tribunal members are subject to an ad valorem system in which the tribunal’s fees are determined by the amount in dispute.
Regardless, armed with the the SIAC and LCIA data, parties going to arbitration now have a clearer indication of an arbitration’s average cost and duration administered by these institutions.