KCAB INTERNATIONAL Fundholding Services
For the non-KCAB cases, KCAB INTERNATIONAL is able to provide fund-holding services for the fees and expenses on behalf of the arbitrators and mediators, the holding and disbursing of funds to cover the arbitration proceedings, and such other matters requiring security of costs. The funds will be held in trust by the KCAB INTERNATIONAL, and shall only be disbursed according to the instructions given by the arbitrators or mediators.
Prior to the commencement of the said services, a non-refundable administrative fee in the amount of KRW 2,000,000.00 (excluding VAT) is required. Please note that the KCAB INTERNATIONAL may adjust such fees at its sole discretion. In addition, the administrative fee is required to be paid in full, within thirty (30) days from the date of receipt of the request for payment. If such payment is not made within the provided time period, KCAB INTERNATIONAL may terminate the services and will return any unexpended funds to the parties. For your information, KCAB INTERNATIONAL may receive payment in the following major currencies: USD, EUR, and KRW; but an agreed exchange rate to hold costs in KRW shall be applied. Similarly, KCAB INTERNATIONAL receives payment through bank transfer only. For bank account details, please refer to the attached payment instructions.
Moreover, please be ensured that the funds will be held at a reputable licensed Korean Bank. Likewise, all confirmed expenses and disbursements incurred for the proceedings will be deducted from the funds held by the KCAB INTERNATIONAL and interest thereof will not be paid out. Conversely, KCAB INTERNATIONAL will not assume responsibility or liability for any loss sustained by the parties due to the faults or failure from any bank with which the parties' funds have been lodged for these purposes. As for the payment of the arbitrators' fees and expenses which was made through bank transfer, any bank charges incurred shall be borne by the parties.
To request for the KCAB INTERNATIONAL's fundholding services, please email our Secretariat at firstname.lastname@example.org. Once the request is accepted, the Secretariat will inform the parties of the designated KCAB INTERNATIONAL case number and other relevant instructions regarding the proceedings.