What are the forms and contents of arbitral award?

Form and contents of arbitral award—

the costs of an arbitration shall be fixed by the arbitral tribunal;
the arbitral tribunal shall specify— the party entitled to costs, the party who shall pay the costs, the amount of costs or method of determining that amount, and. the manner in which the costs shall be paid.

What are the contents of an arbitration award?

Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at such rate as it deems reasonable, an the whole or any pan of the money, for the whole or any pad of the period between the …

What are the contents of an award?

basically, an award must contain:

the complete names and domiciles of the parties and of their legal representatives;
the name(s) of the arbitrator(s);
a recital of the essential milestones of the proceedings (dates of briefs and hearings), demonstrating that the parties had adequate opportunity to present their case;

What is enforcement of arbitral award?

The arbitral award is final and binding on the parties to the dispute and for the enforcement of such award the party has to move to the court[6]. Arbitration allows the parties to have a private dispute resolution procedure and avoid national courts. An award decided has judicial binding effect on the parties.

What do you mean by arbitral award?

An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law.

Where is an arbitral award made?

The arbitration tribunal is empowered to file the award in court itself, however the superior courts have also allowed parties to file the award as well, provided they are authorized by the arbitration tribunal.

What are the requirements of a valid award?

Requirements of a valid award

a party was under not under some incapacity; or.
the arbitration agreement is valid under the law to which the parties have subjected it or, failing any indication thereon, under the law for the time being in force; or.

How do you draft an arbitration award?

Awards should also contain the following essential elements: i) the names and addresses of the arbitrators, the parties and their legal representatives; ii) the terms of the arbitration agreement between the parties; iii) a summary of the facts and procedure including how the dispute arose; iv) a summary of the issues …

What’s an arbitrator’s role?

An arbitrator is the decision-maker in arbitration. He will ensure that the rules of arbitration are followed and will conduct the hearing in which he will hear testimony, receive and review evidence and assess the arguments of all parties to the dispute.

What is enforcement of an award?

ENFORCEMENT OF DOMESTIC AWARDS IN NIGERIA According to Order 39 Rule 4 of the High Court of Lagos State Civil Procedure Rules 2012, provides that a party seeking to enforce or remit or set aside an arbitral award can do so with a motion on notice accompanied with an affidavit.

What is meant by enforcement of award?

Enforcement means giving an award the same effect as a domestic court judgement, which then serves as the official basis of further execution.

How is the enforcement of an arbitral award enforced?

The arbitral award is final and binding on the parties to the dispute and for the enforcement of such award the party has to move to the court. Arbitration allows the parties to have a private dispute resolution procedure and avoid national courts.

Can a Foreign Arbitral Award be given in India?

The award given by an arbitral tribunal in India or an award, even if it is given by a foreign state for a dispute in which both parties are of Indian origin and the nationality is also regulated by Indian law, also falls within the scope of domestic arbitration. [24]

Is the Arbitration Act of 1996 enforceable in India?

The implementation of international arbitration awards in India is regulated by the Arbitration and Conciliation Act, 1996 through the New York Convention and the Geneva Convention, and a non-conventional award in India will be enforceable on the grounds of justice, equality and good conscience under common law.

What was the purpose of the Arbitration Act of 1996?

The primary purpose was to facilitate arbitration as a cost-effective and rapid method for resolving trade disputes. The Act of 1996 regulates both domestic and international arbitration [19]. The arbitral award or arbitration award refers to an arbitration hearing decision made by an arbitration tribunal.