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 CWCCI (Millennial India International Chamber of Commerce industry & Agriculture). Each arbitral reference to the CWCCI Chamber is examined on the following parameters before initiating the arbitral process.
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
The Arbitration and Conciliation Committee of the CWCCI (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/- | |
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