40General principles relating to arbitration

40 General principles relating to arbitration

(1) In the arbitration: (a) the procedure of the Tribunal is, subject to this Act, within the discretion of the Tribunal; and (b) the arbitration must be conducted with as little formality and technicality, with as much expedition and at the least cost to the parties as a proper consideration of the matters before the Tribunal permit; and (c) the Tribunal is not bound by the rules of evidence but may inform itself on any matter in such manner as it thinks appropriate. (2) The parties must act in good faith in relation to the conduct of the arbitration.