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Each party will have costs to conduct their case in arbitration just as they would in court. These costs might include attorneys' fees, costs for expert witnesses, costs to have witnesses travel to the arbitration, costs for copying and presenting exhibits, etc.

But its faster resolution, lower cost, and binding decision often make arbitration the preferred choice for your small business clients. Arbitration provisions are often written into commercial contracts, stating that in the event of a conflict, the parties will use arbitration to resolve their issue.

A statement of costs lists the costs incurred by a party, including the costs of its legal representation, while a submission on costs also contains a party's arguments on how and by whom the costs should be paid. In principle, the costs of the arbitration are to be borne by the unsuccessful party.

Many arbitration clauses have an ?opt-out? clause that allows you to opt out of arbitration within 30 days of signing and retain your right to bring a class action in court.

To draft a valid arbitration agreement, parties should also be conscious of the requirements imposed on specific parties or the inarbitrability of certain disputes. Some countries may impose requirements such as a formal authorisation for State entities to enter into arbitration agreements.

Arbitrators are paid for their time to preside over the matter by the day or hour. The least expensive arbitrators usually charge $150 an hour, while the most expensive might charge $400-$500 an hour or more depending on their area of expertise. Arbitrators are not always lawyers, and are usually not judges.