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.
The main characteristics of the Rules are as follows:
Depending on the agreement between the Parties, the Dispute Board can issue non-binding recommendations and/or decisions which are binding unless a Party objects. The Dispute Board can always provide informal assistance in resolving a dispute.
In addition to a registration fee of EUR 1,300.00, the Parties shall pay a security deposit. The deposit covers the initial costs related to the assistance of the Institute and the Dispute Board, including an opening meeting where the further course of the case shall be organized.
Unless the Parties agree otherwise, the dispute shall be decided following an oral hearing which the Dispute Board convenes.
The 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 members of the Dispute Board. The costs include the board members’ fees and 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.