Legal and other costs of resolving disputes by arbitration are often substantial. As a result from the parties’ perspective, the ability to recover legal and other costs plays an important role in deciding whether to arbitrate or to settle. Arbitration costs are often divided in two main categories:

• the arbitration costs - which include tribunal fees and expenses and the administrative charges of the arbitration institution; and

• the party’s costs - which include legal or counsel fees and other expenses such the costs of party-appointed experts, witnesses or translation fees.