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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.

For Details, kindly Contact:




Gaurav Ravish

011-66273039