Common use of Security for Costs Clause in Contracts

Security for Costs. 1. For greater certainty, upon request by the respondent, the Tribunal may order the claimant to provide security for all or a part of the costs if there are reasonable grounds to believe that the claimant risks not being able to honour a possible decision on costs issued against it. 2. If the security for costs is not provided in full within 30 days after the Tribunal’s order 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. 3. The Tribunal shall consider all evidence adduced in relation to the circumstances in paragraph (1), including the existence of third-party funding.

Security for Costs. 1. For greater certainty, upon request by the respondent, the Tribunal may order the claimant to provide security for all or a part of the costs if there are reasonable grounds to believe that the claimant risks not being able to honour a possible decision on costs issued against it. 2. If the security for costs is not provided in full within 30 days after the Tribunal’s Tribunalâs order 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. 3. The Tribunal shall consider all evidence adduced in relation to the circumstances in paragraph (1), including the existence of third-party funding.