FEES AND COSTS FOR REALTORS AND HOMEOWNERS THAT HAVE AGREED TO ARBITRATE AS PROVIDED
IN THE MULTIPLE LISTING SERVICE (MLS) AGREEMENT*
(for 2 party cases,
effective 07/01/07)
The following is a description of the types of fees assessed by NAM, the manner in which the
fees are calculated and an explanation of the parties responsible for the various fees. NAM's
Comprehensive Dispute Resolution Rules and Procedures shall govern these proceedings and the
fees set forth herein will be applicable.
ARBITRATION & MEDIATION (FOR 2 PARTIES):
Applies to disputes in which the claimant's demand is for more than $5,000
The claimant is charged an administrative fee of $520 for each mediation/arbitration. All
administrative fees are non-refundable. This fee includes case administration, coordination,
scheduling, document handling, faxing and postage. In addition, for each hour of
Arbitrator/Mediator time, the claimant is charged $416 per hour. Arbitrator/Mediator time
refers to the combination of conference/pre-hearing conference/hearing time, travel time
(if required), study and review of written submissions and documents from the parties,
research and decision preparation time. The claimant will be billed in advance of the
hearing/conference for the administrative fee and 3 hours of time or a total of $1,768. To
the extent that the total Arbitrator/Mediator time is less than 3 hours, the claimant will
receive a refund of up to 1 hour or $416. Minimum billing is 2 hours. To the extent that
additional time is needed beyond 3 hours, the claimant will be billed at $416 per hour in
excess thereof. As part of the Demand for Arbitration, the claimant may request that the
Arbitrator order that all, or a portion of the cost of the arbitration/mediation, be
reimbursed to the claimant from the respondent.
The Arbitrator/Mediator may, in his/her discretion, grant a party's request for postponement
of a scheduled Arbitration Hearing or Mediation Conference. Any arbitration or mediation
adjourned with at least 7 business days notice to NAM is billable at $52 to the adjourning
party. Any arbitration or mediation adjourned without 7 business days notice to NAM but
prior to the hearing/conference date is billable at $208 to the adjourning party. For any
arbitration or mediation adjourned, cancelled or settled on the actual hearing/conference
date, (in the event of adjournment, the adjourning party; in the event of cancellation or
settlement, the claimant), will be responsible for the full administrative fee plus two hours
of hearing time. In the event the parties have agreed to an ADR proceeding and the case
settles or is canceled prior to the hearing/conference date, the claimant will be responsible
for full payment of the administrative fees.
Translation or Interpreters Fees:
Normally, if a party requires translation or interpretation services, that party is
responsible to find an appropriate service and pay for it directly. If a party requests
that NAM directly provide translation or interpretation services and NAM is able to provide
such services (note that NAM is not in this business and does not have professional
translators), the fee for such service is $216 per hour.
PAYMENT TERMS
- Administrative fees and advance hearing time reserved are due prior to
the hearing/conference date. Fees for adjournments, cancellations, settlements and hearing
time/Arbitrator/Mediator study time are due within 10 days of invoice date.
- Each party is responsible to pay the fees billed to them by NAM directly
to NAM. If, as part of the award, the Arbitrator orders that a portion of the cost of the
arbitration/mediation be reimbursed to the claimant from the respondent, such reimbursement
is to be made between/among the parties after NAM has been paid in full and without the
involvement of NAM.
- In the event that a party fails or refuses to make payments, NAM may
direct the other party to effect a substitute payment to allow the arbitration/mediation to
proceed (subject to any Award for costs). In such circumstances, the party paying the
substitute payment may be entitled to recover that amount from the defaulting party. NAM
may elect not to commence administration of the claim or not to allow the hearing/conference
to proceed until all outstanding fees are paid.
- In the event a dispute arises with respect to the payment of fees, the
NAM Administrator, in his/her sole discretion, will determine who is responsible for the
payment of fees.
- The NAM Administrator may, in his or her discretion, agree to waive any
of the fees payable to NAM by an individual who is indigent and unable to pay.
- All fees are to be paid in U.S. dollars.
- Interest will be charged at a rate of 1.5% per month on balances more
than 30 days past due.
The cost structure outlined above represents the fees for the specific region from which this
correspondence originated. Fees and costs are effective as of 7/1/07. Prices subject to
change without notice. Arbitrator/Mediator travel time (should any be required) is billable to
each party at the assigned Arbitrator/Mediator's travel time rate.
* All fees included herein will automatically increase by 4% per annum on the first of
January of each calendar year.
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