The SCC is increasing the fees for arbitrators handling cases under the SCC Arbitration Rules and the SCC Expedited Arbitration Rules. The decision is a response to the need to adjust for inflation. The SCC will continue providing arbitrators fair and competitive remuneration for their services. The new schedules of costs will apply to all SCC arbitrations commencing 1 January 2024 or thereafter.
Arbitrators' compensation will increase by between 5 and 15%, varying depending on the amount in dispute. Larger cases will see a more substantial increase compared to smaller cases. The smallest cases will see no increase.
The current tables of costs under the SCC Rules came into force in 2017. The adjustment of fees now corrects for inflation and aligns compensation with today's economic conditions.
The SCC decision on costs in an arbitration is made in accordance with the schedule of costs in force on the date of commencement of the arbitration. In finally determining the costs of the arbitration, the SCC takes regard to the extent to which the arbitral tribunal has acted in an efficient and expeditious manner, the complexity of the dispute and any other relevant circumstances.
The decision to raise arbitrators' compensation is rooted in the ambition to ensure that arbitrators receive market-competitive compensation for their significant work. By offering competitive compensation, the SCC aims to continue to attract and retain qualified and experienced arbitrators, benefiting all parties involved in the dispute resolution process.