Article Details : |
| | Article Name : | | The Authority of Arbitrators to Order Security for
Legal Costs in International Commercial
Arbitration | Author Name : | | M.Sc. XHULIO DOKU1
| Publisher : | | Bridge Center | Article URL : | | | Abstract : | | Arbitration is one of the means of resolving disputes, which
has taken a huge strain in recent years due to the advantages that this
alternative dispute resolution brings, such as flexibility,
confidentiality, speed, informality, etc. However, the legal costs in
arbitration are very large. During arbitration proceedings, parties
must pay for their counsels legal services, but also for the
administrative costs of arbitration and arbitrators fees. Consequently,
if an impecunious claimant raises a groundless claim in arbitration,
the respondent will not be able execute an arbitral award in its favour
which orders claimant to reimburse legal costs.
In order to protect respondents from such situation,
international practice of arbitration has begun to apply a new interim
measure which is widely known as security for costs. Under such
measure, the arbitral tribunal orders claimant to provide security for
respondent’s legal costs in arbitration, in case an adverse arbitral
award is rendered for claimant. Different arbitrators, such as, for
example, Gary Born, have considered security for costs in arbitration
as sui generis interim measure. This paper is an attempt to analyze the authority of Arbitral Tribunal
to order a party to provide security for costs under UNCITRAL Model
Law on International Commercial Arbitration and arbitration rules of
some of most important arbitral institutions worldwide. | Keywords : | | arbitration, security, costs, power, law, model law,
interim, measure. |
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