46. Default of a party

Unless otherwise agreed by the parties, if:

(a) the arbitral tribunal is satisfied that there has been inordinate and inexcusable delay on the part of the claimant or counterclaimant in pursuing his claim, and that the delay:
(i) gives rise or is likely to give rise to a substantial risk that it is not possible to have a fair resolution of the issues in that claim, or
(ii) has caused, or is likely to cause, serious prejudice to the respondent,
the arbitral tribunal may dismiss the claim. The arbitral tribunal may also terminate the proceedings if it considers it appropriate to do so;
(b) without showing sufficient cause a party:
(i) fails to attend or be represented at an oral hearing of which due notice was given, or
(ii) where matters are to be dealt with in writing, fails after due notice to submit written evidence or make written submissions,

the arbitral tribunal may continue the proceedings in the absence of that party or, as the case may be, without any written evidence or submissions on his behalf, and may make an award on the basis of the evidence before it. If the arbitral tribunal terminates the proceedings under sub-paragraph (a) above, unless otherwise agreed by the parties, the arbitral tribunal may issue an award on costs in accordance with section 54 below.