The Business Arbitration Scheme (BAS) has been developed by the CIArb to provide simple, cost-effective, and timely resolution of disputes of low to medium monetary value (£5,000 - £100,000), by arbitration before a sole arbitrator.
Why use the Business Arbitration Scheme?
- BAS is a fixed fee scheme, giving the parties certainty as to costs. A fixed fee of £1,250 + VAT is payable by each party on commencement of the arbitration, to cover CIArb’s administrative costs and the arbitrator’s fees.
- BAS offers a final and legally binding Award in less than 90 days from the appointment of the arbitrator.
- BAS is simple enough to allow most businesses to present their own case without legal representation, and the amount recoverable has been limited to £1,000 to dissuade parties from incurring high legal costs.
- Formal procedural steps are kept to a minimum (exchange of statements of case, documents and evidence), which shortens the timetable and reduces the expense of preparing the case.
- The process is private and confidential.
- The Award is enforceable in the same way as a court judgement.
CIArb Business Arbitration Scheme