Execution Expenses. Costs of execution of the Award shall be borne by the losing party who fails voluntarily to comply with the terms of the Award. In the absence of any dispute, both parties in a contract can aks the BANI for a binding opinion regarding questions arising from that contract. They can ask the BANI for instance to give a binding opinion with regard to: the interpretation of ambiguous provisions on the contract, the formulation of new provisions or the revisions of the old provisions to meet changing circumstances, etc. Once the BANI has given its opinion, the parties are bound to it and whoever acts in contravention to it, will be considered as having committed a breach of contract.
Appears in 2 contracts
Sources: Bani Arbitration Rules and Procedures, Bani Arbitration Rules