ARBITRATION AND CONCILIATION ACT

Section 50: Deposit of costs.

1988Section 50 of 58Federal Republic of Nigeria

(1) The arbitral tribunal, on its establishment, may request each party to deposit an equal amount as an advance for the costs referred to in paragraphs (a), (b) and (c) of sections 49(1) of this Act.
(2) During the course of the arbitral proceedings, the arbitral tribunal may request supplementary deposits from the parties.
(3) If an appointing authority has been agreed upon by the parties or designated by the Secretary-General of the Permanent Court of Arbitration at The Hague, and when a party so requests and the appointing authority consents to perform the function, the arbitral tribunal shall, fix the amount of any deposits or supplementary deposits only after consultation with the appointing authority which may make any comments to the arbitral tribunal which it deems appropriate concerning the amount of such deposits and supplementary deposits.
(4) If the required deposits are paid in full within thirty days after the receipt of the requests, the arbitral tribunal shall so inform the parties in order that one or other of them may make the required payment; and if such payment is not made, the arbitral tribunal may order the suspension or termination of the arbitral proceedings.
(5) After the award has been made, the arbitral tribunal shall render an account to the parties of the deposits received and return any unexpended balance to the parties.

Cite this section

Section 50, ARBITRATION AND CONCILIATION ACT (1988).

https://repo.podus.ai/laws/arbitration-and-conciliation-act/section/50/