3. The parties and their representatives are asked promptly to advise JICAM of any issues of which they are aware that might impact the ability of any party to this arbitration to pay deposits when directed or otherwise to participate in the arbitration. In particular, the parties and their representatives are asked, having duly investigated the issue, to advise us of any restrictions, sanctions or embargoes that affect any party, whether directly or indirectly (including financial sanctions, by which any funds or other economic resources belonging to, held by or controlled by them, or an associated entity or body, have been frozen or which provide that no funds or economic resources shall be made available to them, or any sectoral sanctions). [Unless otherwise advised by the parties and/or their representatives, JICAM shall proceed on the understanding that no such restrictions, sanctions or embargoes apply.]
4. If the request is accepted, a designated JICAM case reference is provided along with the applicable bank account details of the currency of the funds to deposit.
5. The parties’ funds are held with London-based banks, which hold a minimum rating of Fitch grade A. JICAM will accept no responsibility or liability for any loss incurred by the parties as a consequence of the failure of any bank with which the parties’ funds have been lodged for these purposes.
6. Funds lodged by the parties for these purposes will be credited only with interest at the rate from time to time credited to an overnight deposit of that amount with the bank engaged by JICAM from time to time for these purposes. Any surplus income from the funds so deposited shall be retained for the benefit of JICAM and those funds may be invested having regard also to the interests of JICAM.
7. Funds lodged by the parties on account of the fees and expenses of the Tribunal and of the JICAM are held in trust, to the order of the Tribunal, to be disbursed or otherwise applied by JICAM.
8. The parties should send any deposits, by direct bank transfer, to JICAM’s bank account quoting the designated case reference. Once the deposit has been identified and allocated, an acknowledgement of safe receipt is issued to the parties and Tribunal.
9. Any request by the Tribunal for a payment by JICAM on account of its fees shall be supported by a fee note, or fee notes, which shall include, or be accompanied by, details of the time spent at the rates that have been agreed with the parties. Receipts of any expenses incurred must also be attached for review.
10. Only fee notes that comply with the original, or amended, rates set out in the terms of appointment will be paid. Any fee notes received in a three-member Tribunal must be approved for by the Chair.
11. A copy of any fee notes shall be provided to the parties for their review before settlement by bank transfer.
12. A financial summary is provided periodically, showing the balance held on account. In the event that funds lodged by the parties exceed the costs of the arbitration at the conclusion of the arbitration, surplus monies will be returned to the parties as the ultimate default beneficiaries under the trust.
13. Any surplus funds will be returned to the parties, in the proportions in which they were deposited, unless otherwise specified by the Tribunal or agreed between the parties.
14. Surplus funds will only be returned to the bank accounts of the stated beneficiary or their appointed legal representation.
15. JICAM will charge the parties at the rate of $202 or its equivalent in naira per hour for time spent administering the funds lodged by the parties.
16. JICAM will render an invoice for its administrative charges at the conclusion of the arbitration.
Administering and fund management
Where JICAM is appointed fully to administer the proceedings in arbitrations conducted under the UNCITRAL-rules, or in accordance with some other ad hoc procedures, its services essentially parallel those provided in cases referred under the JICAM rules; briefly as follows:
1. Fund managing services, as above.
2. More closely monitoring the costs of the arbitration than is the case where JICAM is fund-managing only, in particular ensuring that fee notes are regularly submitted and the level of further advances calculated in consultation with the Tribunal, and by reference to the established procedural timetable.
3. Establishing and maintaining a computerised procedural monitor to track proceedings.
4. Ensuring that milestone dates are adhered to and advising the Tribunal and the parties when they are not.
5. Maintaining a full file of correspondence and written submissions, to facilitate any enquiry arising and to prepare such copies as the parties or the Tribunal may from time to time require.
6. If and when required, issuing procedural directions on behalf of the Tribunal, most typically directions for advances on costs.
7. Ensuring that lines of communication among parties, attorneys and Tribunal are kept open and up-to-date at all times, and generally keeping the process moving, by judicious and appropriately diplomatic intervention, if such appears to be required.
8. Making all necessary practical arrangements for any meetings and hearings, together with support services, such as interpretation, translation, court reporting, telephone and video conferencing.
9. When required, facilitating entry visas for the purposes of hearings.
10. Arranging accommodation for parties and arbitrators.
11. Proof-reading draft Awards for typographical and clerical errors.
12. Preparing and issuing certified copies of any Award, including notarising, where required.
13. Acting as a sounding board on procedural matters for the parties and the Tribunal.
14. Lending the imprimatur of JICAM to the conduct of the arbitration and to any Award rendered by the Tribunal.
Time spent on providing these services is charged at the published hourly rates of the Secretariat, and is logged to a time and disbursements ledger, which is available at all times to the parties and the Tribunal. In addition, the parties are charged a sum equivalent to 5% of the Tribunal’s fees in respect of the JICAM’s general overhead.
Security for costs and sums in dispute
1. When JICAM is requested to hold, by way of security, sums on account of the amounts in dispute in an arbitration, or on account of the parties’ legal costs, whether pursuant to JICAM Arbitration Rules or in ad hoc proceedings in which JICAM is providing fund-managing or other administrative services, the following procedures and conditions will apply:
2. A dedicated account will be opened to receive the parties’ funds, with a commercial bank in Nigeria;as agreed by the parties. JICAM will accept no responsibility or liability for any loss incurred by the parties as a consequence of the failure of any bank with which the parties’ funds have been lodged for these purposes.
3. Sums will be held to the Order of the tribunal, unless expressly agreed, in writing, by the parties that they should be held to the Order of the parties.
4. Whether held to the Order of the tribunal, or to the Order of the parties, no transfer of funds will be effected by JICAM without the prior written directions of the tribunal or the parties, as the case may be (such notice to be copied to the tribunal and all parties, as appropriate), and the written confirmation of the General Manager, JICAM of receipt of such directions and of its intention to transfer the funds accordingly; such confirmation to be given within 48 hours of the tribunal’s or the parties’ directions.
5. JICAM will transfer funds as directed within three (3) working days of its written confirmation of receipt of the tribunal’s or the parties’ directions, or, if later, on the date specified in such directions, or on the next working day if the date specified falls on a non-working day.
6. JICAM will charge the parties for receiving, holding and disbursing these funds at the rate of 0.5% p.a. of the amount held by way of security.
7. All interest earned on the funds will accrue for the benefit of the party or parties lodging the funds.
8. Within 24 hours (or on the next working day) of receipt by the General Manager of JICAM of a written request from the tribunal (if the funds are held to the Order of the tribunal) or from the parties (if held to the Order of the parties), the General Manager will send a written statement to the parties and the tribunal of the balance of the funds held, including any interest that may have accrued for the benefit of the parties.
9. In all cases, JICAM holding funds for these purposes will be subject to the prior execution by the parties of an agreement recording these procedures and further related terms and conditions.
 These procedures apply only to funds held for the purposes set out at paragraph 1. They do not apply to the advances paid by parties on account of the fees and expenses of arbitrators, experts, and JICAM itself; such advances being subject to the JICAM rules and schedule of costs or to separate ad hoc fundholding procedures, as set out on the JICAM website, above.
 “Working day” means Monday to Friday, excluding any public holiday or weekend.
Mediation is a negotiated settlement, conducted and concluded with the assistance of a neutral third-party. The process is voluntary and does not lead to a binding decision, enforceable in its own right.
Most commercial disputes, in which it is not imperative that there should be a binding and enforceable decision, are amenable to mediation. Mediation may be particularly suitable where the parties in dispute hope to preserve, or to renew, their commercial relationships.
As mediation is likely to be a shorter process than either litigation or arbitration, there may also be economic arguments for attempting a mediated settlement.
The JICAM mediation rules may be used both by parties who are already committed to mediate, by virtue of contractual dispute resolution provisions, and by parties who have not provided for mediation, but who wish to mediate their dispute, either in an attempt to avoid, or during the course of, litigation or arbitration.
JICAM has access to a large number of experienced and highly-qualified mediators from many jurisdictions.
As with the arbitrations it administers, JICAM aims to make its mediations cost-effective, flexible and affordable.
Schedule of Mediation Costs
For mediations conducted under the JICAM Mediation rules (“the JICAM Rules”).
This schedule of mediation costs (the “Schedule”), as amended from time to time by JICAM forms part of the JICAM Rules and will apply in all mediations commenced after its effective date.
1. Administrative Charges
1(i) Registration fee (payable in advance with the Request for Mediation: non-refundable).
Registration Fee $2,629.61
1(ii) Time spent* by the Secretariat of JICAM in the administration of the arbitration.
Registrar / Deputy Registrar $377.59 per hour
Counsel $337.14 per hour
Case administrators $263.00 per hour
Casework accounting functions $222.59pe pr hour
1(iii) Expenses incurred by the Secretariat in connection with the mediation (such as postage, telephone, travel, communications technology etc.) and additional mediation support services provided by the Secretariat from their own resources or otherwise.
1(iv) JICAM’s charges will be invoiced in sterling, but may be paid in other convertible currencies, at rates prevailing at the time of payment.
1(v) Charges may be subject to Value Added Tax or similar taxes at the prevailing rate.
2. Fees and Expenses of the Mediator
2(i) The mediator’s fees will be calculated by reference to work done by the mediator in connection with the mediation and will be charged at a rate appropriate to the particular circumstances of the case, including its complexity and any requirements as to special qualifications of the mediator. The rate will be advised by the mediator and agreed with the parties prior to the appointment of the mediator. If the parties fail to agree on the mediator’s hourly rate after having been given a reasonable opportunity to submit their views, may fix an hourly rate for the mediator.
Fees will generally be at an hourly rate not exceeding $674.50.
2(ii) The mediator’s fees may include a charge for time spent travelling.
2(iii) The mediator’s fees may also include, at his or her discretion, a charge for time reserved but not used at the date of the conclusion of the mediation. The basis for this charge shall be as follows:
a. if the mediation is concluded 15 days or more before the first day of the time reserved: No charge
b. if the mediation is concluded less than 15 days, but more than 5 days before the first day of the time reserved: 50% of time reserved
c. if the mediation is concluded 5 days or less before the first day of the time reserved: 100% of time reserved
2(iv) The mediator may recover such expenses as are reasonably incurred in connection with the mediation, and as are reasonable in amount, provided that claims for expenses should be supported by invoices or receipts.
2(v) The mediator’s fees shall be invoiced in the currency of account between the mediator and the parties.
2(vi) Charges may be subject to Value Added Tax or similar taxes at the prevailing rate.
3. Payments from the Advance Payment for Costs
3(i) When payments are required to cover any part of the mediation costs, including JICAM’s administrative charges and expenses; the fees or expenses of the mediator; or charges for hearing rooms, communications technology and other support services, such payments may be made against the invoices for any of the above from funds received as the Advance Payment for Costs. If no or insufficient funds have been received at the time the payment is required, the invoices for any of the above may be submitted for payment direct by the parties.
3(ii) Any request by the mediator for payment of or on account of fees shall be supported by a fee note providing details of the time spent at the rates that have been advised to the parties by the General Manager. The fee note shall include, or be accompanied by, a breakdown of what time has been spent and when, as well as providing a general description of the nature of the tasks undertaken. The fee note will be forwarded to the parties.
4. Bank Charges
Any bank charges incurred on any transfer of funds by the parties to JICAM shall be borne exclusively by the party or parties transferring the funds.