INTERNATIONAL AND DOMESTIC ARBITRATION IN SWITZERLAND

Contents XXIII 6. Waiver of interpretation, correction and supplementation of the award ..................................................................................................567 § 23 Settlement and other grounds for termination ....................................................568 I. Settlement of the dispute...........................................................................568 1. Introduction ........................................................................................568 2. Award on agreed terms (consent award) ............................................569 a. Requirements................................................................................569 b. Form, content and notification .....................................................569 c. Effects ..........................................................................................570 3. Order for the termination of the proceedings......................................571 4. Defects in consent...............................................................................571 a. Defect raised before the termination of the proceedings ..............572 b. Defect raised after an order terminating the proceedings .............572 c. Defect raised after a consent award..............................................572 II. Acceptance of claim..................................................................................573 III. Withdrawal of claim .................................................................................574 1. Introduction ........................................................................................574 2. Withdrawal with or without prejudice ................................................575 IV. Other grounds for the termination of the proceedings...............................576 § 24 Costs of arbitration.............................................................................................578 I. Advance on the costs of arbitration...........................................................578 1. Power of the arbitral tribunal..............................................................578 2. Allocation of the advance between the parties....................................579 3. Consequences of non-payment ...........................................................580 a. Suspension or termination of the arbitration.................................580 b. Waiver of the arbitration ..............................................................581 c. No power to make a default award...............................................584 d. Separate award for reimbursement of substitute payment? ..........584 4. Accounting on the deposits received ..................................................585 II. Security for costs ......................................................................................586 1. Introduction ........................................................................................586 2. Legal qualification of an order for security for costs ..........................587 3. Authority and jurisdiction of the arbitral tribunal ...............................587 4. Requirements for ordering security for costs......................................588 5. Order or Award?.................................................................................589 6. Circumstances justifying security for costs ........................................589 a. Serious deterioration in a party’s financial situation ....................589 b. Bad faith manoeuvres...................................................................590 c. No cl aim to security because of party’s domicile or seat .............591 7. Determination of the amount of the security ......................................591 8. Consequences of non-payment ...........................................................592