Section 74, The Arbitration Act, 2022

(1) An arbitral tribunal shall have the power, upon theapplication of a party, to order a 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 such terms as the arbitral tribunal considers appropriate. (2) Terms which the arbitral tribunal may consider appropriate under subsection (1), include the provision by that other party of a cross- indemnity for costs and losses incurred by a claimant or counterclaimant in providing security. (3) The amount of costs and losses payable in a crossindemnity 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 an order to provide security under this section, the arbitral tribunal may stay that party's claims or counterclaims or dismiss them in an award. (5) Where a Respondent has brought an application for security for cost based on the disclosure of third-party funding, the tribunal may allow the funded party or its counsel to provide the tribunal with an affidavit stating that under the funding arrangement, the funder has irrevocably agreed to cover adverse costs order and the funder is adequately capitalised. (6) Tribunals may order the funded party to disclose provisions of the funding agreement in determination of security for costs application provided that the tribunal shall limit disclosure orders to the provisions that are strictly necessary to assess the extent to which the funder may cover (or not) an adverse costs order. (7) Where there is proof of impecuniosity of the funded party, any funding agreement in which a funder is not obligated to irrevocably pay an adverse costs award may justify the order of security for costs. Security for costs. (b) conferring on the Centre an exemption from duties or taxes which form part of the price of goods sold; or (c) conferring on the Centre an exemption from duties or taxes which are no more than charges for services rendered. (3) For the purposes of Article 20 and Article 21(a) of the ICSIDConvention, a statement to the effect that the Centre has waived an immunity in the circumstances specified in the statement, being a statement certified by the Secretary-General of the Centre or by the person acting as Secretary- General, shall be conclusive evidence of such waiver. 71. The Ministry of Finance may discharge out of money provided by Parliament, obligations of the Government arising under Article 17 of the ICSID Convention, which obliges the Contracting States to meet any deficit of the International Centre for Settlement of Investment Disputes and any sums required for that purpose. PART XIV - COSTS OF ARBITRATION 72. (1) An arbitral tribunal shall fix costs of arbitration in its award and the term "costs" include - (a) the fees of the arbitrators; (b) the travel and other expenses incurred by the arbitrators; (c) the cost of expert advice and of other assistance required by the arbitral tribunal; (d) the travel and other expenses of parties, witnesses and other experts consulted by the parties to the extent that such expenses are approved by the arbitral tribunal having regard to what is reasonable in the circumstances; (e) the costs for legal representation and assistance of the successful party if such costs were claimed during the arbitral proceedings, and only to the extent that the arbitral tribunal determines that the amount of such costs is reasonable; (f) administrative costs such as cost of the arbitral institution or the appointing authority, cost of venue, sitting and correspondence; (g) the costs of obtaining Third-Party Funding; (h) other costs as approved by the arbitral (2) The fees of the arbitral tribunal shall be reasonable in amount, taking into account the amount in dispute, the complexity of the subject- matter, the time spent by the arbitrators and any other relevant circumstances of the case. 73. (1) An arbitral tribunal may, - (a) on its establishment, request each party to deposit an equal amount as an advance for the costs referred to in paragraphs (a), (b) and (c) of subsection (1) of section 72; or (b) in the course of its proceedings, request supplementary deposits from the parties. (2) Where a required deposit, under subsection (1) is not paid in full within 30 days after the receipt of the request, the arbitral tribunal shall so inform the party in order that he may make the required payment and if such payment is not made, the arbitral tribunal may order the suspension or termination of the arbitral 54 55 Government contribution to expenses under Costs of Deposit of costs.