How can you as parties influence the costs?
As masters of the procedure, the parties also have it in their hands to limit many of the causes for additional costs. As long as the procedure remains fundamentally fair and grants the parties the right to be heard, such cost saving measures can be implemented.
Here are the five examples of how the cost of arbitration can be controlled:
Number One: If both parties agree on very simple procedure and procedural rules, there is usually less room to argue.
Number Two: If the procedure is supposed to be short.
Number Three: Selecting a cheaper arbitration institution.
Number Four: Limiting the number of arbitrators
Number Five: Foregoing judicial review
And finally, if you are particular about the arbitration this will increase the costs. It may sound cruel, but the 80/20 rule applies to arbitration just like any other business effort. Insisting on the last T to be crossed and the last I to be dotted will cost more money. You often get what you pay for.