Section 62 Arbitration and Mediation Act

Section 62 Arbitration and Mediation Act 2023 is about Disclosure of Third-Party Funding. It is under Part I (Arbitration) of the Act.

(1) Where a Third-Party Funding agreement is made, the party benefitting from it shall give written notice to the other party or parties, the arbitral tribunal and, where applicable, the arbitral institution, of the name and address of the Third-Party Funder.

(2) The written notice shall be made for a funding agreement made –
(a) on or before the commencement of the arbitration, at the commencement of the arbitration, or
(b) after the commencement of the arbitration, without delay as soon as the funding agreement is made.

(3) Where a respondent has brought an application for security for cost based on the disclosure of Third-Party Funding; the arbitral tribunal may allow the funded party or its counsel to provide the arbitral tribunal with an affidavit stating whether under the funding arrangement, the Funder has agreed to cover adverse costs order and the affidavit shall be a relevant consideration to the decision of the arbitral tribunal on whether to grant security for costs.