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CS Professional · Arbitration, Mediation and Conciliation · Emerging Aspects: Fast Track and Virtual Arbitration

Kiran Realty Ltd and Orion Builders Pvt Ltd agree in writing to fast track arbitration before the tribunal is appointed. They also wish to fix the arbitrator's fees. Which statement is correct under section 29B?

Under fast track arbitration, the fees payable to the arbitrator and the manner of payment are as may be agreed between the arbitrator and the parties. The section provides no court-fixed or government-fixed fee.

  1. AThe fees are fixed by the Court on application
  2. BThe fees must follow a fixed schedule in the Act
  3. CThe fees are as may be agreed between the arbitrator and the partiesCorrect
  4. DThe fees are determined by the Central Government

Explanation

Section 29B(6) states that fees and manner of payment are as agreed between the arbitrator and the parties. The section prescribes no fixed schedule and gives no role to the Court or Government in setting them.

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