The International Cricket Council has given the Board of Control for Cricket in India seven days to notify it of any difficulties it has with the Members' Participation Agreement.
ICC president Percy Sonn, in a statement, said the BCCI could be putting the 2011 World Cup in jeopardy by going out on its own and refusing to sign the next MPA.
On Tuesday the BCCI said it has problems with the contents of the agreement, which covers major ICC events for the period 2007-2015.
"Six months ago we circulated the MPA for our events from 2007-2015 to our members for comment and over the subsequent months we have had extensive and fruitful negotiations with many of our members that have helped us develop the contents of the agreement to suit our mutual needs. It is thus very disappointing that the BCCI has only recently been able to review the agreement and raise its concerns," said Sonn.
He added that other members have indicated that they are in a position to sign the MPA and the process is moving forward rapidly.
"This means that, unlike the other members' concerns which were given due consideration over several months, the BCCI will only have a limited opportunity for its concerns to be presented and considered.
"The new MPA is significantly more flexible than the agreements that regulate participation in ICC events through to 2007. In particular, the MPA addresses all areas of concern raised by Indian players ahead of previous ICC events and provides more scope for players and boards to maintain their own interests.
"If the BCCI fails to agree to the terms of the MPA, it will of course mean that they could not continue as one of the joint hosts of the ICC Cricket World Cup 2011, thus putting the entire tournament in jeopardy. Having said that, we hope agreement can be reached and that common sense will prevail.
"The ICC events are a dominant source of revenue for the majority of our 97 members across the globe and it would be very disappointing if delays caused by one member were to hold up a process that is integral to the long-term health of so many," he added.
