​How to keep costs down in international arbitration in China

How to keep costs down in international arbitration in China
 
 
International arbitration is a good way to settle conflicts between parties from different nations. International arbitration in China may be rather expensive. In this essay, we will look at some reasons behind the high expenses of international arbitration in China and potential solutions.
 
Many reasons contribute to the high expense of international arbitration in China, including employing costly local counsel, document translation, and the necessity for specialists. The filing cost is likewise substantial, and hourly attorney charges may cost hundreds of dollars. The duration of the arbitration procedure is another cost concern since cases may take months or even years to settle owing to the International Commercial Court's sluggish docket (ICC).
 
 
Parties might consider engaging local lawyers acquainted with Chinese law and procedure to save expenses. Local lawyers may assist with document production, discovery, and trial preparation and provide insight into Chinese culture and traditions. Employing specialists acquainted with Chinese law and culture may also assist in saving expenses since they can supply correct and up-to-date knowledge and are less expensive to hire than international experts.
 
Another strategy to save expenses is to reduce the quantity of information that must be examined. This may be accomplished by document production, in which the arbitral tribunal may compel the parties to provide only relevant documents or by searching for and producing relevant documents using electronic discovery tools. E-discovery provides several advantages, including the capacity to rapidly and effectively search vast volumes of data, retrieve documents and information that might otherwise be unavailable, and decrease the need for paper records.
 
Generally, parties may lower the high costs of international arbitration in China by engaging local counsel, expertise, and document production processes.