Unlike the official SIAC arbitration cost calculator, an authoritative tool to determine administrative fees and arbitrator fees for SIAC arbitrations, this full SIAC arbitration cost calculator determines the same administrative and arbitrator fees for SIAC arbitrations, using the schedule of fees in force as of July 2018, while also automatically estimating all other costs of a SIAC arbitration, including legal fees, expert fees and anticipated witness, management and other party costs, from the filing of a Request for Arbitration through the rendering of a Final Award.
This is useful, as the majority of SIAC arbitration costs do not relate to administrative and arbitrator fees, but instead to party costs, including especially legal fees and expert fees. The 1 August 2016 SIAC Schedule of Fees upon which this automatic cost calculator is based may be downloaded here. All assumptions used in this SIAC arbitration cost calculator are listed below. Entities and individuals may contact Aceris Law to request a personalized cost estimate.
** The following underlying assumptions are used in this automatic cost calculator:
- SIAC administrative fees and arbitrator fees are based on the SIAC Schedule of Fees effective as of 1 August 2016. Results should be identical to the official SIAC Cost Calculator.
- Average legal fees range from SGD 150 per hour (low; equivalent to USD 110 per hour in July 2018) to SGD 700 per hour (high; equivalent to USD 512 per hour in July 2018). Leading arbitration law firms such as Aceris Law that charge competitive legal fees will lower this head of costs, which is typically the largest single cost element.
- The average SIAC arbitration requires between 1,000 and 5,000 hours of legal work, depending on its complexity, the procedure adopted and the actions of opposing counsel. In case of doubt, enter 2,000 hours for the average amount of legal work per arbitration, which is fairly standard.
- In low-complexity cases (fewer than 2,000 hours of legal work required) and where there are small amounts in dispute (less than SGD 2,000,000), it is assumed that no quantum or legal experts will be required. This may not always be the case.
- Expert fees themselves are estimated on the basis of the external legal fee to expert fee ratio shown in the CIArb Costs of International Arbitration Survey (2011), which is the single most complete source of data on arbitration costs to date.
- Anticipated witness, management and other external costs are also based on the ratio between legal fees and such costs in the CIArb Costs of International Arbitration Survey (2011).
- VAT is assumed to be inapplicable.
- Each party is assumed to split SIAC Administrative Fees, Arbitrators’ Fees and expenses equally, although if a Respondent refuses to pay its counterclaims will not be heard but the Claimant will need to bear its costs (which can then be claimed as costs at the end of the SIAC arbitration).
- A successful party may be reimbursed all or a significant portion of its legal costs by the losing party in the final arbitration award. This possibility is not factored into this model.