Section 50 Arbitration and Mediation Act

Section 50 Arbitration and Mediation Act 2023 is about Costs of the arbitration. It is under Part I (Arbitration) of the Act.

(1) The arbitral tribunal shall fix costs of arbitration in its award and the term “costs” includes –

(a) the fees of the arbitrators;
(b) the travel and other expenses incurred by the arbitrators;
(c) the cost of expert advice and of other assistance required by the arbitral tribunal;

(d) the travel and other expenses of parties, witnesses and other experts consulted by the parties to the extent that the expenses are approved by the arbitral tribunal having regard to what is reasonable in the
circumstances;
(e) the costs for legal representation and assistance of the successful party where the costs were claimed during the arbitral proceedings, and only to the extent that the arbitral tribunal determines that the amount of such costs is reasonable;

(f) administrative costs such as cost of the arbitral institution or the appointing authority, cost of venue, sitting and correspondence;
(g) the costs of obtaining Third-Party Funding; and
(h) other costs as approved by the arbitral tribunal.

(2) The fees of the arbitral tribunal shall be reasonable in amount, taking into account the amount in dispute, the complexity of the subject-matter, the time spent by the arbitrators and any other relevant circumstances of the case.