The Stakeholder Account Service offered by the Chartered Institute of Arbitrators (CIArb) is a reliable fundholding service suitable for the safe-keeping of advances on the costs of ADR proceedings.
This is a standalone service managed by CIArb’s Finance department, which is open to parties to use regardless of whether they or the dispute resolver are members of CIArb, or whether the appointment of the dispute resolver was made through CIArb’s Dispute Appointment Service.
For the low fixed fee of £350 plus VAT, CIArb’s Stakeholder Account Service offers following:
- the secure holding of monies in a designated Stakeholder Client Account, separate from CIArb’s main account;
- the assurance that no bank charges will be applied to the Stakeholder Client Account;
- Funds lodged by the parties on account to be held by CIArb on trust, to the order of the lead dispute resolver, with the parties as the ultimate beneficiaries;
- the parties notified before any payments are made from the account, and any surplus funds refunded to the parties in the proportions in which they were lodged.