Trust Account Services
The Institute operates an independent and professional trust account service for arbitrators, mediators and parties in dispute.
For further information call our Trust Account Officer, on 03 9607 6908.
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
5 Simple Steps to Operating an IAMA Trust Account
Trust Authority form
Operating Fee Schedule
Pro-Forma for Deposits by Cheque
Pro-Forma for Deposits by EFT
Disbursement of Security Deposit (Sample)
Trust Account Administrative Guidelines for Arbitrators, Mediators, Experts, Adjudicators [Dispute Resolvers] & Parties in Dispute
These administrative guidelines are meant to ensure that arbitrators, mediators, experts, adjudicators 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 to ensure the efficient and most beneficial use of funds held.
- A receipt detailing necessary particulars identifying the matter shall be issued for every deposit made into the Trust Account.
- Trust monies will only be disbursed at the direction of the dispute resolver or other person duly authorised to disburse such monies.
- Any cheques drawn on the Trust Account shall not be made payable to cash and marked not negotiable/credit account payee only.
- Dispute Resolvers should obtain a Trust Account matter number from the Trust Officer at the National Office of the Institute before proceeding with correspondence to parties relating to the Trust Account.
- Dispute Resolvers and other parties using the Trust Account shall, where possible, identify the dispute by quoting the matter number provided by the Trust Officer of the Institute.
- A separate account ledger will be opened with the relevant identifying data including party names, name of dispute resolver and the matter number for each dispute to be conducted on behalf of the dispute resolver.
- 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:
- The date of each transaction.
- The name of the person who deposited the monies or to whom they were paid.
- The purpose of the deposit or cheque.
- The amount received or paid.
- The receipt, transfer journal or cheque number.
- The balance after each entry.
- The monies deposited in the Trust Account shall not accrue interest or other benefit to the dispute resolver 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.
- The Institute will not disburse monies held in trust upon any particular direction of an dispute resolver or authorised person unless there are sufficient monies in the relevant 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).
- Any administrative charges relating to the operation of the Trust Account are a charge (including GST) to the dispute resolver not to the parties in dispute. Dispute resolvers can incorporate this charge into their invoice to the parties. Dispute resolvers should not, therefore, ask the parties to pay the Institute’s invoice (which is directed to the dispute resolver) directly or separately to the Institute.
- Any queries relating to the operation of the Trust Account should be made, in the first instance, to the Institute’s Trust Officer. Tel (03) 9607 6908.