ARBITRATION FACILITATION
To arbitrate in the settlement of disputes arising out of commercial transactions
between parties willing or agreeing to abide by the judgment and decision of the
Chamber is enshrined in the 'objects clause’ of the Memorandum of the MIICCIA
(Millennial India International Chamber of Commerce industry & Agriculture). Each
arbitral reference to the MIICCIA Chamber is examined on the following parameters
before initiating the arbitral process.
ARBITRATION CLAUSE IN AGREEMENTS
The existence of an arbitration agreement is a sine qua non for exercise of
jurisdiction under section 11(6) of the Arbitration and Conciliation Act, 1996. Parties
should incorporate in their respective commercial and service agreements a clause
for arbitration of the disputes arising out of breach of the contractual obligations
PROVISIONS OF ARBITRATION AND CONCILIATION ACT, 1996
ARBITRATION CLAUSE IN AGREEMENTS FEES
The Arbitration and Conciliation Committee of the MIICCIA (Millennial India
International Chamber of Commerce industry & Agriculture) fixed the following
Schedule of Fees for arbitration by the Chamber with effect from March 1,2018, as
under.
|
FEES FOR ARBITRATORS [Per Arbitrator]:
|
Amount (Rs.) |
Amount (Rs.)
(inclusive of GST
@ 18%) |
| 1 |
Fees for Arbitrators
|
|
|
|
For each sitting
|
10,000/- |
11,800/- |
|
Cost of adjournment
|
4,000/- |
4,720/- |
|
For making the Award and administrative charges
|
7,500/- |
8,850/- |
| 2 |
Administrative Charges of Chamber
|
|
|
|
Processing charges per case to be paid at the time of reference of the case
|
12,500/- |
14,750/- |
|
Services Charges for each sitting
|
5,000/- |
5,900/- |
|
Adjournment Charges
|
2,500/- |
2,950/- |
| 3 |
DEPOSIT to be paid by each party to the dispute :
|
|
|
|
Advance Payment
|
27,500/- |
32,450/- |
|
Before the third and before every subsequent alternate sitting (expenses for 2 meetings)
|
30,000/- |
35,200/- |
DISCLAIMER
The Information made available here are purely as a measure to give basic knowledge to our accredited members. The provisions of the Acts, Rules, Notifications and Circulars or instructions shall prevail as per current Law. The Millennium India International Chamber of Commerce Industries & Agriculture will not be liable for any consequences, legal or otherwise, arising out of the use of any such information given here.