The Registration Fee is EUR 1.000 or the equivalent amount in ISK according to the exchange rate of the Central Bank of Iceland valid at the time of the commencement of the arbitration. The fee must accompany the Claimant´s request for arbitration, it is non-refundable and constitutes a part of the Administrative Fee.
Once the Request and the Response have been submitted the NAC board shall as soon as possible thereafter determine an amount to be paid by the parties as an Advance on the Cost of Arbitration, which shall correspond to the estimated amount of the Costs of Arbitration. Prior to rendering the final award, the Arbitral Tribunal shall request the NAC Board to finally determine the Costs of Arbitration. Upon such request, the NAC Board shall finally determine the Costs of Arbitration in accordance with the Schedule of Costs.
NAC's Board shall determine the fee of a presiding or sole arbitrator based on the amount in dispute in accordance with the table of Arbitrators´ Fees. Co-arbitrators shall each receive 60 per cent of the fee of the Presiding Arbitrator. The amount in dispute shall be the aggregate value of all claims, counterclaims and set-offs. Where the amount in dispute cannot be ascertained, the NAC Board shall determine the fees of the Arbitral Tribunal taking all relevant circumstances into account.
In exceptional circumstances, the NAC Board may fix NAC's administrative expenses and the fees of the arbitrators at a figure higher or lower than that which would result from the application of the Schedule of Costs and shall then consider the work done, the complexity of the dispute, the duration of the arbitral proceedings and any other circumstances.
For further information contact the Chamber via telephone +354 5107100 or at email@example.com
The Iceland Chamber of Commerce operates an independent arbitration institute, The Nordic Arbitration Centre. The Nordic Arbitration Centre provides for a dispute resolution mechanism, allowing parties to solve their dispute in an efficiently and safely.