(1) The arbitral tribunal may fix the amount of the deposit or supplementary deposit, as the case may be, as an advance for the costs referred to in sub-section (8) of section 31, which it expects will be incurred in respect of the claim submitted to it:
Provided that where, apart from the claim, a counter-claim has been submitted to the arbitral tribunal, it may fix separate amount of deposit for the claim and counter-claim.
(2) The deposit referred to in sub-section (1) shall be payable in equal shares by the parties: Provided that where one party fails to pay his share of the deposit, the other party may pay that share:
Provided further that where the other party also does not pay the aforesaid
share in respect of the claim or the counter-claim, the arbitral tribunal
may suspend or terminate the arbitral proceedings in respect of such claim
or counter-claim, as the case may be.
(3) Upon termination of the arbitral proceedings, the arbitral tribunal
shall render an accounting to the parties of the deposits received and shall
return any unexpended balance to the party or parties, as the case may be.
Arbitration and Conciliation Act 1996
Section 31 of Arbitration Act - Form and contents of arbitral award
Section 31A of Arbitration Act - Regime for costs
Section 32 of Arbitration Act - Termination of proceedings
Section 33 of Arbitration Act - Correction and interpretation of award; additional award
Section 34 of Arbitration Act - Application for setting aside arbitral awards
Section 35 of Arbitration Act - Finality of arbitral awards
Section 36 of Arbitration Act - Enforcement
Section 37 of Arbitration Act - Appealable orders
Section 38 of Arbitration Act - Deposits
Section 39 of Arbitration Act - Lien on arbitral award and deposits as to costs
Section 40 of Arbitration Act - Arbitration agreement not to be discharged by death of party thereto