NEWSLETTER-2017

169 ARBITRATION LAW hand. Therefore, the explanations below would certainly not be relevant for each dispute, and should be tailored in accordance with each dispute. The largest portion of the costs incurred by the parties during an arbitration proceeding pertains to legal fees. Accordingly, reducing counsel costs would have a great impact on the costs of arbitration in general. The use of experienced and cost-effective lawyers, who are familiar with the peculiarities of arbitration, could help with the reduction of legal counsel costs. Even though arbitrator’s fees are not the main factor that causes costs to rise, stipulating one arbitrator instead of three arbitrators would reduce arbitrator fees. On the other hand, it should also be kept in mind that it is not preferable to resolve all disputes by a sole arbitra- tor; therefore, these differing interests should be weighed in order to find a balance between reducing costs and resolving the dispute in the most effective manner. Again, designing the arbitration procedure in accordance with the needs and interests of the parties is also quite important. This would include holding the hearing in a venue that is convenient for the parties and the arbitrators, or holding some of the meetings through telecon- ference or videoconference. It would also be helpful to take precau- tions to avoid any bad-faith procedural tactics of the counterparty, which may lengthen the proceedings. This goal could be achieved by providing detailed provisions pertaining to written submissions, such as the number of submissions, or by avoiding a lengthy document pro- duction request phase. Conclusion The issue of costs in arbitration is a very delicate issue that can be quite decisive in the decision of whether or not to initiate dispute resolution mechanisms. The correct understanding of the reasons that cause costs to rise is quite important in the techniques to be applied to reduce costs. All in all, different interests, whether legal or economic, should be weighed in order to reach a healthy conclusion about the issue of fees and costs in arbitration.