Jurisdiction(s):
United Kingdom

Key definition

Costs definition

What does Costs mean? In litigation, costs are the legal fees, disbursements, court fees and VAT incurred in bringing, defending or appealing a claim, and the sums a court or tribunal may order one party to pay another for those liabilities. The concept is governed by procedural rules and case law rather than a single statutory definition: England and Wales (CPR 44–47), Northern Ireland (RCJ Ord 62), Scotland (where the equivalent term is expenses), and Ireland (Legal Services Regulation Act 2015 and the Legal Costs Adjudicators). The general approach is broadly consistent, subject to local terminology and procedure. Typical features include the discretionary rule...

P.R.I.M.E. Finance Arbitration Rules 2022: Costs—scope, tribunal fees, apportionment, security for costs, deposits and interim measures

Published by a LexisNexis Arbitration expert

Practice notes

The P.R.I.M.E. Finance arbitration rules were updated in 2021, and the 2022 edition took effect on 1 January 2022, governing arbitrations initiated on or after that date (the P.R.I.M.E. Finance rules; the Rules). The Rules also set out model clauses together with a model submission agreement for use by parties.

This Practice Note reviews the treatment of costs under the P.R.I.M.E Finance Rules. The key provisions on costs are located expressly in Section VI of the P.R.I.M.E. Finance Rules as specified therein.

Scope of costs

The tribunal will determine the arbitration costs in a final award, a termination order, or any other decision (art 48.1). Costs of the arbitration comprise (art 48.2):

the arbitral tribunal’s fees and charges (art 49)
reasonable expenses of the arbitrators, including any applicable value added or sales tax imposed on their fees
reasonable costs for expert advice and other assistance services, including fees of any tribunal secretaries
legal and other party costs, including expenses of witnesses and experts, to the extent that the tribunal deems the costs to be reasonable, and
registration fees and other administrative costs set by the Permanent Court of Arbitration (PCA) in accordance with Annex D entitled Fees and expenses of...

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Deannie Yap

P.R.I.M.E. Finance Foundation

Deannie Yap is Legal Officer at P.R.I.M.E. Finance, a foundation based in The Hague which seeks to foster greater financial market stability and increased confidence in global finance. Deannie a Singapore-qualified advocate and solicitor who holds an LLB from the Singapore Management University as well as an Advanced LLM in International Dispute Settlement and Arbitration (cum laude) from Leiden University. Deannie spent five years in private legal practice in Singapore dealing with civil and commercial litigation matters before moving to The Hague in 2021. She has a keen interest in the emerging frontier of digital assets and fintech-related disputes....

Web page updated on 21/05/2026

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