UK Terms for Acting as Arbitrator
The following terms apply to the appointment of Mr Daniel Atkinson, BSc (Hons,) LLB (Hons), C Eng, FICE, FCIArb, FICES, DipICArb, Barrister (non-practising) as Arbitrator.
- The Arbitrator’s fees and charges are payable in accordance with the Schedule attached hereto whether or not this Arbitration reaches a Hearing or an Award.
- Any award shall be taken up and all outstanding fees shall be paid within 14 days of notification that the award is ready for collection.
- Without prejudicing the outcome of the reference in respect of the parties’ ultimate liability for costs, each party shall pay one half of the Arbitrator’s total fee due at any given time. The Parties are however responsible on a joint and several basis for the payment of any fee invoice.
- The parties shall notify the Arbitrator of any agreements they have reached as to the powers of the Arbitrator under the Arbitration Act 1996. In the absence of such notification the Arbitrator shall proceed on the basis that there are no such agreements and that the arbitrator has the powers as set out in the Act.
- Where a negotiated settlement is reached prior to an award being taken up, the Parties shall immediately notify the Arbitrator to that effect and pay all his fees and expenses incurred to the date of notification plus the costs of any Consent Award or Termination Order that may be required by the settlement.
- The Arbitrator may be accompanied by his arbitral pupils at any meeting or hearing in this Reference and he may discuss aspects of the Reference with his pupils for the purposes of their education and instruction.
SCHEDULE
Fees
| Hourly Rate | | | £325.00(+VAT)(two hundred and twenty five pounds) |
| Preliminary Fee | | | £8,000.00(+VAT)Due in full upon appointment in equal share from each party. Any unused portion will be returnable at the Arbitrator’s discretion. |
| Daily rate for hearings | | | £3,250.00(+VAT) |
| Travelling Expenses | | | At nett cost. First class travel, refreshments and five star hotel accommodation where an overnight stay is necessary. Car mileage at 40 pence per mile. |
| Out of pocket expenses | | | At nett cost. |
VAT shall be added at the appropriate rate to all accounts and payments.
The above rates shall apply to all time spent upon or reserved for the Arbitration for the period of twelve months after the date of this appointment. The rates will be subject to review on the expiry of the twelve months and on an annual basis thereafter.
Any increase shall be related to the retail price index.
Payment
Invoices will be issued as and when the Arbitrator considers it appropriate but not more frequently than at monthly intervals. Payment is due within 14 days of date of invoice and without prejudicing the outcome of the reference in respect of the parties’ ultimate liability for costs, each party shall pay one half of the fee due at any given time.
Should any payment not be made in full within 14 days of its becoming due, interest becomes due on the outstanding amount form the date of invoice in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. Should that Act not apply the rate of interest shall accord with the provisions of that Act.
In the event that fees that have been invoiced are overdue and remain unpaid in part or in full 7 days before any hearing, the Arbitrator may give notice that the hearing will be vacated unless all outstanding fees are paid before the first day of the hearing. The parties are jointly and severally liable for the whole of the fees and expenses until they are paid. Should the payment of the whole or a part of any fee account be delayed unduly the Arbitrator shall be entitled to take such action as he may consider to be appropriate in the circumstances including charging for any action that may have to be taken to recover the fees.
Hearings
Where a period of more than four days is set aside for a hearing security may be requested. It shall be given no later than three months before the dated set for the hearing. Such security shall be at 100% of the arbitrator’s daily rate (plus VAT) for each day reserved.
If security is given it will be held in a Client’s account at the Orpington branch of Lloyds TSB Bank plc.
The Arbitrator may direct that such security shall be paid by either the Claimant or the Counter-Claimant or by both Parties in such proportions as he deems appropriate.
Where a hearing date had been fixed and the period set aside is more than four days and it is cancelled or postponed, charges will be made in accordance with the following formula:
| More than three months before date fixed: | No Charge |
| Between three months and one month of the date fixed: | 50% of the fee for the days reserved. |
| Less than one month before the date fixed: | 70% of the fee for the days reserved. |
| On or after commencement of the hearing: | 90% of the fee for the days or the remainder of the days reserved. |
Fees payable in respect of vacated fees will be reduced proportionally if the Arbitrator obtains remunerated work in addition to that he would have carried out in any event concurrently with the hearing.
The above fees, if charged, will be payable 14 days after the fee is invoiced.
