Dispute resolution boards
A Dispute Board is composed of one or more members and has the task of assisting the Parties in resolving disputes which may arise between the Parties during the performance of a contract.
In addition to a registration fee of EUR 1,300.00 to the Institute’s bank account, the Parties shall pay a security deposit. The deposit shall cover:
- The initial expenses which are related to the establishment of the Dispute Board.
- The costs and expenses related to the opening meeting where the further course of the case shall be organized, cf. Article 12 of the Rules.
- The Institute’s administration fee for handling the case, cf. Article 22(3) of the Rules.
The Secretariat shall fix the amount of the deposit. Both Parties shall usually be asked to pay identical amounts in deposit, unless otherwise agreed by the Parties or otherwise decided by the Secretariat. In the event that a Party does not pay its share, the Secretariat shall require the other Party to pay the full financial deposit in order for the Dispute Board to be established.
Regarding the fees for the work performed by the Dispute Board as per Article 13-19 of the Rules, a budget shall be established during the above mentioned opening meeting. The budget shall, among others things, include the principles for remuneration of the members of the Dispute Board, the terms of payment thereof and whether the Parties shall provide a deposit and if so, how.
Remuneration of the board members is determined finally by the Chairman’s Committee of the Institute. Unless the Parties agree otherwise or the Dispute Board decides otherwise, the Parties shall equally bear the costs of the Dispute Board. The costs include the board members’ fees and their costs related to the case, as well as the Institute’s costs which include the registration fee, the Institute’s administration charge and its expenses related to the case.