Common use of Security for Costs Clause in Contracts

Security for Costs. Upon any party's request, the arbitrator(s) may require the other party(ies) to deposit security (such as a bank guarantee) for the arbitration expenses. In considering whether to grant such an order against a non-Israeli party, the arbitrator(s) shall not take into consideration that such party is based or domiciled outside of Israel or that such party does not have assets in Israel. Any order granted pursuant to this section 3.4 shall be in writing and shall set forth its reasoning.