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William Kirtley and Alexandra Koliakou — The article examines the rationale and evolving practice of cost allocation in ICC arbitration. Based on thirty recent ICC awards, it reports that tribunals commonly apply the “costs follow the event” principle as adjusted by relative success and other factors such as party conduct, and proposes early consideration of costs and settlement offers to improve predictability.
Analysis of thirty recent ICC awards shows that costs follow the event is adjusted by relative success and party conduct. The study proposes early consideration of costs and attention to settlement offers.
How costs should be allocated in ICC arbitration in light of arbitral discretion, relative success and the parties’ conduct.
Kirtley and Koliakou show how party conduct operates alongside outcome in arbitral discretion over costs. Their proposals seek to improve predictability of cost decisions in arbitration procedure.
Journal of International Arbitration · 2026
DOI 10.54648/joia2026026