For parties considering the possible arbitration of a dispute, two questions that are often uppermost in their minds are: (1) how long is it going to take; and (2) how much is it going to cost?

The series of articles on "fast-track" arbitration contained in the last issue of the Bulletin addressed a recent, novel effect of the ICC Court to help reduce the duration of the arbitration process. A large portion of this issue is concerned with the second of the two questions mentioned above, that is, the question of costs. Apart from the description of the Court's new costs schedule and the related practices of the Court, readers of the Bulletinshould find particularly interesting the discussion in this issue of the various approaches adopted by ICC arbitrators in allocating between the parties the costs of the arbitration proceedings and the numerous extracts from the ICC arbitral awards on this subject.

The Bulletin is also fortunate to have in this issues a contribution from Lord MacKenzie-Stuart, a former President of the Court of Justice of the European Communities, on the important relationship between arbitration and the jurisprudence of that institution.

Also published in this issue for the information of the Bulletin's readers is the most recent statistical survey of the Court's arbitration activity as at the end of 1992, as well as the new version, effective January 1, 1993, of the ICC Rules for Expertise.

Eric A Schwartz

Secretary General

ICC International Court of Arbitration