After section 13 of the [1950 c. 27] Arbitration Act 1950 (time for making an award) there shall be inserted—
(1)Unless a contrary intention is expressed in the arbitration agreement, the arbitrator or umpire shall have power to make an award dismissing any claim in a dispute referred to him if it appears to him that the conditions mentioned in subsection (2) are satisfied.
(2)The conditions are—
(a)that there has been inordinate and inexcusable delay on the part of the claimant in pursuing the claim; and
(b)that the delay—
(i)will 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 or to have caused, serious prejudice to the respondent.
(3)For the purpose of keeping the provision made by this section and the corresponding provision which applies in relation to proceedings in the High Court in step, the Secretary of State may by order made by statutory instrument amend subsection (2) above.
(4)Before making any such order the Secretary of State shall consult the Lord Chancellor and such other persons as he considers appropriate.
(5)No such order shall be made unless a draft of the order has been laid before, and approved by resolution of, each House of Parliament.”