In what has become a frequent occurrence in ICSID and UNCITRAL arbitrations, tribunals are increasingly being asked to decide security for costs applications, with 19 such applications having been filed in just the last two years.
Although provisional measures may afford parties much-needed interim relief during the course of often lengthy arbitration proceedings, the success rate for security for costs applications remains low at 6%, the lowest among any provisional measure sought.
Burford Vice President Giulia Previti, along with ICSID Deputy Secretary-General Martina Polasek, hosted a complimentary webcast to examine security for costs applications in ICSID and UNCITRAL investment arbitrations, the decisions and orders rendered by tribunals on those applications, and what the future may hold in terms of potential rule amendments.
Attendees will learn:
- How security for costs applications fit in the broader framework of provisional measures, an otherwise important tool to preserve the integrity of an arbitration
- What role, if any, the existence of arbitration finance has played – and should play - in a tribunal’s decision on security for costs
- Details about the security for costs applications filed in ICSID and UNCITRAL arbitrations, including the amount of security sought, the criteria applied by ICSID and UNCITRAL tribunals in assessing such applications, and the outcomes of those applications (and the cases, if concluded)
- An update on the ICSID rule amendment process with respect to security for costs applications
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