The cost depends on a number of factors. Each arbitrator has his or her own schedule of costs and will provide an estimate based upon the length of time needed for the hearing. Please inquire by email at email@example.com.
The cost can be as low as $3500 per person for a case which is dealt with largely on the papers with a teleconference to clarify issues. This is typically a small fraction of what many people eventually spend to get a decision from a judge. It is also a fraction of what it costs to sell a house through a real estate agent.
If a hearing is required, then there is an additional cost for the hearing room or video-conferencing facilities.
Payments are in two instalments. An initial fee of $375 per person is payable on signing the arbitration agreement. The balance is typically held in trust by the solicitors pending finalisation of the decision.
Each party will also need to pay their own costs of legal representation.