IYAC Fee Schedules
The International Yacht Arbitration Council (“IYAC”) is the IYBA’s response to the need to resolve disputes among brokers and between brokers and buyer or sellers of yachts without the need to pursue to expensive and time-consuming litigation.
Because of the particular nature of the yachting industry, specifically including the sale and purchase of new and used yachts, the IYAC was established as a forum for dispute resolution in providing arbitrators with experience and familiarity with issues that regularly arise.
A Filing Fee is payable when a party submits a claim for resolution to the IYAC. If the respondent files a counterclaim, a Filing Fee will be due from the counterclaimant at that time. Likewise, if any of the parties, after filing a claim or counterclaim, files an additional claim or counterclaim, or amends their prior claim to include additional claims or counterclaims, a filing fee will be due at the time the additional claim or counterclaim is submitted for resolution.
A Hearing Fee is payable one (1) week in advance of the date the initial hearing is scheduled for. If for any reason no hearing is held prior to the conclusion of the dispute, the Hearing Fee will be refunded as long as no hearing is cancelled less than one (1) business day (but no less than 24-hours) before the time of the scheduled hearing.
The IYAC has two fee schedules – one for disputes between parties that are all in one country and one for disputes that are cross-border. Fees paid to the IYAC are separate from the fees charged by the IYAC certified arbitrators appointed by the parties. A list of IYAC certified arbitrators is provided to the parties upon the initial filing, together with the hourly rates charged by the arbitrators.
SINGLE COUNTRY DISPUTES
Amount of Claim (U.S.$) Filing Fee (U.S.$) Hearing Fee (U.S.$)
0 to 29,999 500 500
30,000 to 199,999 1,000 1,000
200,000 to 999,999 2,500 2,500
1,000,000 to 4,999,999 5,000 5,000
5,000,000 to 9,999,999 6,000 6,000
10,000,000 and above 10,000 7,500
CROSS-BORDER DISPUTES
Amount of Claim (U.S.$) Filing Fee (U.S.$) Hearing Fee (U.S.$)
0 to 29,999 750 750
30,000 to 199,999 1,500 1,500
200,000 to 999,999 3,500 3,500
Three Arbitrators Required for Claims over $1,000,000.
1,000,000 to 4,999,999 6,500 6,500
5,000,000 to 9,999,999 7,500 7,500
10,000,000 and above 15,000 10,000
Additional Fees. The IYAC may charge additional fees for additional services provided upon request of any party, or by agreement of the parties. When non-monetary relief is requested, the Filing Fee Shall be $2,500 and the Hearing Fee is $1,000 for both single country and cross-border disputes. Fees may be increased if additional claims or counterclaims are filed after the initial filing date of either. Cases held in abeyance for more than one (1) year will be subject to an annual abeyance fee of $1,000.
Minimum Fees. In cases involving three (3) arbitrators, the minimum Filing and Final Fees, no matter the amount in controversy, shall be $2,500 and $1,000, respectively for both single country and cross-border disputes.
Refunds. Refunds will be offered in accordance with the following schedule if claims are withdrawn. Within 7 days of the IYAC’s receipt of the filing, 80%; within 30 days, 50%; within 60 days, 25%. No refunds will be made once one the first or sole arbitrator is appointed or on cases after an award is entered.