Contrary to litigation, arbitration has been considered a better option in terms of efficiency, flexibility and confidentiality of a case. Arbitration has also proven to be cost effective in many cases.

The International Chamber of Commerce is one of the most renowned arbitration international for international disputes.

Having said that, the ICC's set standards for international arbitration costs that serve as a reference for the international arbitration community. The 2021 ICC Rules are the latest version, which regulates the costs.

Arbitrator : An impartial, independent third party with no enforcing power. He/she acts as the deciding authority of the legal dispute.

Arbitration costs : The arbitrators' fees and the arbitration institution's administrative expenses fixed by the latter.

Conduct of arbitration : The case management and all the procedural decisions leading the arbitration process.

Claimant : The party initiating the claim.

Final award : Final judgement issued by the arbitral tribunal.

ICC : International Chamber of Commerce.

ICC Court : Body within the ICC that makes the substantial decisions while the Secretariat administers all arbitral proceedings.

Respondent : The party responding to the claim initiated by the Claimant.