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. It is referred to as an 'award' even where all of the claimant's claims fail and thus no money needs to be paid by either party , or the award is of a non-monetary nature. Although arbitration awards are characteristically an award of damages against a party, tribunals usually have a range of remedies that can form a part of the award. Arbitration is particularly popular as a means of dispute resolution in the commercial sphere for a summary of the various arenas in which arbitration is usually chosen, see the specific article on " arbitration ". One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign country than it is to enforce a judgment of the court. Under the New York Convention , an award issued in a contracting state can generally be freely enforced in any other contracting state, only subject to certain, limited defences.
SCHORR LAW'S REAL ESTATE BLOG
Part 1: The Arbitral Award (and writing it) | PDRCI
Last Updated: April 8, References. This article was written by Jennifer Mueller, JD. Jennifer Mueller is an in-house legal expert at wikiHow. Jennifer reviews, fact-checks, and evaluates wikiHow's legal content to ensure thoroughness and accuracy. There are 12 references cited in this article, which can be found at the bottom of the page. This article has been viewed 1, times. Arbitration represents a quicker and less expensive way to resolve a dispute than going to court.
Arbitral Award Writing
An Arbitration Award made by a Commissioner is binding and final. An Arbitration Award is made where both parties attended the Arbitration proceedings. This is where the Commissioner will consider the evidence presented to him by both the Employer and the Employee and make a ruling. If you wish to take a matter on review, you need to act quickly. The LRA states that a review must be lodged within 6 six weeks from the date when the arbitration award was received.
Arbitration Award. Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration Guaranty shall be governed by the Federal Arbitration Act , 9 U. The Award shall be in writing and may, but shall not be required to, briefly state the findings of fact and conclusions of law on which it is based. Sample 1. Sample 2.