On 22 June 2021, the HKIAC released an updated report as to the average cost and duration of arbitrations conducted under their rules over the past seven years. The headline figures are impressive: the mean average arbitration cost some US$137,000 and concluded within 17 months from commencement. However, when considering these figures, it should be noted that approximately 24% of the arbitrations reviewed were conducted under the HKIAC’s expedited rules, which dramatically increases the speed with which an award is produced, to a mere 9.3 months on average. The costs quoted also omit party costs, i.e. legal fees, counsel fees, witnesses, etc.
While not every case will follow the average, the latest figures provide a useful indication of the timelines and costs to expect when considering whether to arbitrate at the HKIAC.
The full report can be found here: https://www.hkiac.org/news/hkiac-releases-average-costs-and-duration-report