Section 52 Arbitration and Mediation Act
Section 52 Arbitration and Mediation Act 2023 is about Security for costs. It is under Part I (Arbitration) of the Act.
(1) The arbitral tribunal shall have the power, upon the application of a party, to order any claiming or counterclaiming party to provide security for the legal or other costs of any other party by way of deposit or bank guarantee or in any other manner and upon the terms as the arbitral tribunal considers appropriate.
(2) The terms under subsection (1) may include the provision by that other party of a cross-indemnity, itself secured in a manner as the arbitral tribunal considers appropriate, for costs and losses incurred by the claimant or counterclaimant in providing security.
(3) The amount of any costs and losses payable under a cross-indemnity under subsection (1) may be determined by the arbitral tribunal in one or more awards.
(4) In the event that a claiming or counterclaiming party does not comply with any order to provide security under this section, the arbitral tribunal may stay that party’s claims or counterclaims or dismiss them in an award.
