Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

security definition

What does security mean? In legal practice, security means money or other assets provided as a guarantee that a legal obligation will be performed, with forfeiture if it is not. In criminal proceedings, it most often refers to a cash deposit or equivalent required as a condition of bail to secure a defendant’s attendance at court and compliance with bail; failure to surrender may lead to forfeiture. The concept and procedures are set by bail legislation and court rules in each jurisdiction. Practice varies: in England & Wales and Northern Ireland, courts commonly take recognisances, with or without sureties, and may require a...

Tribunal powers to order security for costs under ICC, LCIA, HKIAC, ICDR, Swiss, SCC and UNCITRAL arbitration rules

Published by a LexisNexis Arbitration expert

Practice notes

The concept of ‘security for Costs’ is widely known and understood by common law practitioners but may well be less familiar to civil lawyers, as it is intimately connected to the common law principle that, in general, the legal expenses of conducting court proceedings should ‘follow the event’—put simply, the loser pays. In proceedings in England and Wales, the general default position, where a court elects to make a formal costs order, is that the unsuccessful party will be required to pay the successful party’s recoverable costs, although the court retains a broad and flexible discretion in this area—see: Costs orders—overview. To reinforce that principle, the device of security for costs enables a defendant (whether facing the main claim or a counterclaim) to seek an order that the claimant provide security for the likely recoverable costs the defendant will incur in resisting the claim—see Practice Note: Security for costs—what is it, its use and the court’s discretion. It is difficult, as a point of principle, to suggest that such a measure should not be available in international commercial Arbitrations. However, whether an arbitral tribunal has authority to order security for costs in a particular international arbitration will ultimately depend on...

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Web page updated on 21/05/2026

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