- Security
Obtaining security for a party's claim on the one side or
security for a party's costs on the other can be crucial
remedies in times of a global pandemic where there may be issues
with enforcement due to the closures of courts, delayed processes
and a general lack of available assets.
Security and enforcement interact closely with each other where
unless security has been obtained in advance, the process of
issuing enforcement proceedings may be disproportionately expensive
or time-consuming, particularly where it is difficult to locate
assets. In practical terms, it is often pointless to arbitrate if
the claim is not secured.
Security for a party's claim
Security for a party's claim is an interim measure that
allows an applicant, either the claimant or the respondent in
respect of its counterclaim, to secure, in advance of a final
arbitral award, the amount that it is claiming against the opposing
party (the respondent).
