Defined terms in this Schedule shall have the meaning set out in the Rules.
1. Claim Fee
A fixed Claim Fee is charged by pinqDR, covering:
Case administration by pinqDR. This includes AML checks, appointment of an Arbitrator, necessary manual checks throughout the procedure and general support.
The Arbitrator’s time and expenses incurred in the Arbitration. Arbitrators do not charge for their time on an hourly basis.
Full access to the Platform for the duration of the Arbitration.
2. Fee calculation
The Claim Fee is calculated as a percentage of the Claim Value included by the Claimant in their Claim.
The administrative charge respect of a change of Claim Value in Article 3.2 is GBP250.
The minimum Claim Value is GBP5,000 (or equivalent).
All claims above GBP2,000,000 will attract the minimum percentage of 2.7%.
Claims where no monetary sum is claimed shall be treated as a GBP2,000,000 Claim when calculating the Claim Fee.
3. Fee Illustration
This table gives examples of Claim Fees by Claim Value, exclusive of any applicable taxes.
Claim Value % Claim Fee Claim Fee 20,000 15.0% 3,000 50,000 12.6% 6,300 100,000 10.7% 10,700 250,000 8.3% 20,700 500,000 6.4% 32,100 1,000,000 4.6% 45,800 1,500,000 3.5% 52,500 2,000,000 2.7% 54,700
4. Value Added Tax (VAT)
Fees may be subject to Value Added Tax or similar taxes at the prevailing rate.
5. Bank details
pinqDR’s banking details for direct transfer payments are:
Account name pinqDR Limited Bank Barclays Bank PLC (Holborn 2) Sort code 20-41-50 Account number 73534758 IBAN GB36 BUKB 2041 5073 5347 58 SWIFT BUKBGB22
Any bank charges incurred on any transfer of funds by a Party to pinqDR shall be borne exclusively by that Party.
6. Refund of the Claim Fee
The Claim Fee is non-refundable unless pinqDR rejects the Claim. In that case, the Claim Fee will be refunded, via the method used to pay, less an administration fee of GBP450 exclusive of any applicable taxes.
pinqDR shall provide the Party with an invoice upon request, via the Platform or by other electronic means.
8. Challenge Fee
The Challenge Fee shall, in all cases, be GBP3,000.