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Security for costs - Defending an arbitration, particularly in complex disputes can be expensive.
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Security for costs Defending an arbitration, particularly in complex disputes can be expensive. The general principle in Hong Kong arbitration is to have costs follow the event, an award allowing a successful respondent to recover his costs from the claimant will be of little value if it cannot be enforced because the claimant is insolvent or his assets are located in a jurisdiction which makes recovery difficult. An order of security for costs will ensure that there are funds against which the respondent can enforce an award in his favour, but there is also a risk that a respondent may apply for such an order simply to stifle a valid claim. +++ Security for costs is the opposite of security for the claim. Security for claim involves the claimant seeking to secure his claim against the respondent. But security for costs is a request by the respondent against the claimant. The...
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