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The Institute of Arbitrators and Mediators Australia

Trust Account Services

The Institute operates an independent and professional trust account service for arbitrators, mediators and parties in dispute.

The Guidelines and precedent provide an outline of how this service operates.

For further information call our Trust Account Administrator, on 1300 66 33 88.

Trust Account Fees

Administration Fees

Trust Fund establishment & operation under $3,000 (up to ten transactions)
$150.00 + GST ($15.00) = $165.00

Trust Fund establishment & operation over $3,000 (up to ten transactions)
$200.00 + GST ($20.00) = $220.00

Additional Trust Fund Operation

For every ten transactions after the first ten
$150.00 + GST ($15.00) = $165.00

Document downloads

Trust Account Fee schedule (DOC, 20K)
Disbursement of Security Deposit Fund (Excel spreadsheet, 34K)
Trust Authority form (DOC, 23K)
Using the Trust account: 6 Simple Steps (DOC, 38K)
Trust Account Pro-Forma Deposit Form (DOC, 37K)

Trust Account Administrative Guidelines
for Arbitrators, Mediators, Experts & Parties in Dispute

These administrative guidelines are meant to ensure that arbitrators, mediators, experts and parties involved in a dispute depositing or withdrawing monies into the Institute’s Trust Account are properly informed as to the operation of the Institute’s Trust Account so as to ensure the efficient and most beneficial use of funds held.

  1. A receipt detailing necessary particulars identifying the matter shall be issued for every deposit made into the Trust Account.
  2. Trust monies will only be disbursed at the direction of the arbitrator/mediator/expert or other person duly authorised to disburse such monies.
  3. Any cheques drawn on the Trust Account shall:
    • not be made payable to cash;
    • shall be crossed and marked not negotiable/credit account payee only
  4. Arbitrators and mediators should obtain a Trust Account matter number from the Administration Manager at the National office of the Institute before proceeding with correspondence to parties relating to the Trust Account.
  5. Arbitrators, mediators and other parties using the Trust Account shall, where possible, identify the matter by quoting the matter number provided by the Administration Manager of the Institute.
  6. A separate account ledger shall be opened with the relevant identifying data including party names, name of arbitrator/mediator/expert and the matter number for each matter to be conducted on behalf of the arbitrator/mediator/expert and parties.
  7. Sufficient details shall be posted into the trust ledger to enable the nature of the transaction to be clearly understood and shall include at least the following information:
    1. the date of each transaction;
    2. the name of the person from whom the monies were received or to whom they were paid;
    3. the purpose of the receipt or payment
    4. the amount received or paid;
    5. the cheque number, receipt or transfer journal folio number; and
    6. the balance after each entry
  8. The monies deposited in the Trust Account shall not accrue interest or other benefit to the arbitrator/mediator/expert or parties. Any interest or other benefit accrued will be used by the Institute, as a non-profit organization, for the advancement of its stated objectives.
  9. The Institute will not disburse monies held in trust upon any particular direction of an arbitrator/mediator/expert or authorised person unless there are sufficient monies in the relevant file of the Trust Account to cover the whole of the disbursement direction (i.e. advance or part payments relating to any disbursement direction will not be made).
  10. Any administrative charges relating to the operation of the Trust Account are a charge (including GST) to the arbitrator/mediator/expert not to the parties in dispute. Arbitrators, mediators and experts can incorporate this charge into their invoice to the parties. Arbitrators, mediators and experts should not, therefore, ask the parties to pay the Institute’s invoice (which is directed to the arbitrator, mediator or expert) directly or separately to the Institute.
  11. Any queries relating to the operation of the Trust Account should be made, in the first instance, to the Institute’s Administration Manager. Telephone: (03) 9607 6908

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