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[The Viewpoint] Arbitration- A costly branded product

A lot of reliance and dependability is provided to the Fourth schedule. Most importantly, court has interpreted the fourth schedule to hold that maximum fee payable to an arbitrator is ₹30,00,000/- based on the sum of base amount and the variable amount. However, while resolving the controversy related to the fee payable on claims and counter claims, the Court held that,

“In such cases, we hold that the ―sum in dispute in the Fourth Schedule of the Arbitration Act shall be considered separately for the claim amount in dispute in the claim and counter-claim. Consequently, the arbitrators‘ fee will be calculated separately for the claim and counter-claim, and the ceiling on the fee will also be applicable separately to both. “

Source: Barandbench

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