Common use of Security for Costs Clause in Contracts

Security for Costs. 1. For greater certainty, on request, and after hearing the disputing parties, the Arbitral Tribunal may order the claimant to post security for all or a part of the costs if there are reasonable grounds to believe that the claimant risks not being able or willing to honour a possible decision or award on costs issued against it. In determining whether to order the provision of security for costs the Arbitral Tribunal shall consider all relevant circumstances and evidence, including the existence of third-party funding. 2. If the security for costs is not posted in full within thirty (30) days after the issuance of an order pursuant to paragraph 1 or within any other time period set by the Tribunal, the Tribunal shall so inform the disputing parties. The Tribunal may order the suspension or termination of the proceedings.

Security for Costs. 1. For greater certainty, on request, and after hearing the disputing parties, the Arbitral Arbitration Tribunal may order the claimant to post security for all or a part of the costs if there are reasonable grounds to believe that the claimant risks not being able or willing to honour a possible decision or award on costs issued against it. In determining whether to order the provision of security for costs the Arbitral Arbitration Tribunal shall consider all relevant circumstances and evidence, including the existence of third-party funding. 2. If the security for costs is not posted in full within thirty (30) days after the issuance of an order pursuant to paragraph 1 or within any other time period set by the Arbitration Tribunal, the Arbitration Tribunal shall so inform the disputing parties. The Arbitration Tribunal may order the suspension or termination of the proceedings.