The terms of appointment of an arbitrator will typically include
1. Description of the dispute to be resolved
2. confirmation of the arbitrator’s jurisdiction
3. reference to the arbitration agreement under which the arbitrator is to be appointed
4. a declaration of independence and impartiality
5. statement of availability
6. the basis of remuneration and arrangements for payments of fees and expenses on account.
The terms of remuneration may be
(i) fixed fee
(ii) hourly rates for time spent
(iii) based on a % of the value of the dispute
(iv) a mixture of the above
The arbitrator should also include provision for a cancellation fee and make arrangements for payment in the event the matter settles before a final award is given.
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