(i) All disputes arising out of or in connection with this Agreement including the question regarding its existence, validity or termination) shall be referred to and finally settled by arbitration venue at London, United kingdom and in accordance with the Rules of the London Court of International Arbitration in effect on the date of invocation of this clause and which Rules are deemed to be incorporated by reference Into this clause. The Arbitration shall be conducted In English language by Arbitral Tribunal consisting of three arbitrators, one to be appointed by each party and third to be appointed by President of London Court of International Arbitration. Any decision or award shall be final and binding on both the Buyer and the Seller. Arbitration Tribunal shall state in its award the facts of the case and the reasons for its decision. The parties shall comply in good faith with the decision.
(ii) All costs of arbitration, Including without limitation, witness fees, legal fees and expenses shall always be borne by the parties incurring such costs. The costs of the arbitrators shall be borne equally by the parties unless awarded by the decision of the arbitrators."
"The Respondent shall bear all reasonable and properly incurred legal and other costs of the Claimant, to be determined by the Tribunal if not agreed between the parties".
(1) The Respondent must pay the Claimant's legal costs in an amount of GBP 77,961.60.
(2) The Respondent must pay to the Claimant simple interest on such costs from 3 April 2012 until compliance with this Award at 3.5 per cent per annum.
(3) The amount of Interest due under paragraph (2) of this Award up to the date of this Award which must now be paid by the Respondent to the Claimant Is £485.92.
(4) The costs of the arbitration as between the Tribunal’s Final Awards, dated 25 July 2011 and this Award, being the Tribunal's Final Award on Cost (other than the legal or other costs incurred by the parties themselves), have been determined by the LCIA Court, pursuant to Article 28.1 of the LCIA Rules to be as follows:
|LCIA's administrative charges:||£1,584.62|
|Total relevant costs||£4,034.62|
(5) Of this amount, the Claimant has lodged a deposit amounting to £2,017.31, including interest accrued. The Respondent has lodged a deposit amounting to £2,017.31, including interest accrued. Total funds lodged by the parties amount, therefore, to £4,034.62, which has been applied to the costs of the arbitration. The balance of the costs of the arbitration borne by the Claimant through the deposits that it has paid, and amounting to £2,017.31 shall be paid by the Respondent to the Claimant.
As to the Respondent's objection referred to in paragraph 3 above, although the use of a relatively low charging rate for all time spent by one experienced and senior fee earner in carrying out all necessary work, even that which could appropriately be delegated to a paralegal or trainee, is unusual, It is not wrong in principle provided that the overall result represents a reasonable aggregate cost for the work covered.