http://www.scottishcanals.co.uk/media-centre/press-releases/new-towpath-code-of-conduct-unveiled
"
Share the space, drop your pace
Considerate cyclists are welcome on the towpath. However, the towpath is not suitable for cycling fast. Fast cyclists often scare people, problems with dogs are more likely and blind corners are also hazards. If speed matters to you, you should use other routes.
Cycling
• When approaching other users:
o Please give pedestrians priority
o Ting-ting. Slow down and make yourself
heard with a bell ring or a friendly voice to
warn of your approach
o Be aware that not all users will be able to
hear a bell or call
o Pass at a slow speed giving plenty of space
to the other user
o Be polite and say “thank you”
"
http://www.scottishcanals.co.uk/media/2743446/towpath%20code%20of%20conduct.pdf