27. Before any claim made under this or any other section of this act shall be submitted to the arbitrators, the claimant shall give security to the satisfaction of the arbitrators, or any one of them, for the payment of the costs and expenses incurred by such arbitration, in the event of the award of the arbitrators being unfavorable to such claimant, or of its not exceeding the sum so tendered as aforesaid.
R. S. 1964, c. 138, s. 27.