HKIAC provides fund-holding services to all cases administered by HKIAC at no additional cost.
HKIAC is able to provide the following fund-holding services in proceedings not already administered by HKIAC (including arbitrations, mediations, adjudications and domain name disputes):
- holding deposits for the costs of proceedings including the fees and expenses of the arbitral tribunal (at an administrative fee of HK$8,000.00 per annum); and,
- holding deposits for other matters including for security for costs (at an administrative fee of HK$10,000.00 per annum).
HKIAC can hold funds in the following major currencies: HKD, USD, EUR, GBP and SGD.
A request for fund-holding services should be sent to the HKIAC Secretariat at firstname.lastname@example.org. If the request is accepted, a designated HKIAC case reference will be provided along with full terms and conditions and payment instructions. The following general conditions apply:
- The funds will be held at a reputable licensed Hong Kong deposit-taking institution. All expenses and disbursements incurred in connection with a matter will be deducted from the relevant funds held by HKIAC and interest will not be paid out. HKIAC shall not assume any responsibility or liability for any loss incurred by the parties as a consequence of the failure of any bank with which the parties’ funds have been lodged for these purposes.
- Payments in HKD can be processed by cheque or bank transfer. Payments in other currencies can be processed by bank transfer only.
- Where HKIAC is requested to pay an arbitrator’s fees by bank transfer, such payment is made on an OUR basis (i.e., the arbitrator will receive the full amount without bearing any transfer charges).