Award phase

The award is addressed in detail in Module 7, but for present purposes, the final step in most arbitrations is the making and notification of the award. In virtually all cases, the award is a formal instrument, signed by the members of the tribunal, reciting the procedural history, facts, legal arguments and conclusions. We should remind ourselves of the requirements set out in art 31 of the Model Law:

(1) The award shall be made in writing and shall be signed by the arbitrator or arbitrators. In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the arbitral tribunal shall suffice, provided that the reason for any omitted signature is stated.

(2) The award shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms under Article 30.

(3) The award shall state its date and the place of arbitration as determined in accordance with Article 20(1). The award shall be deemed to have been made at that place.

(4) After the award is made, a copy signed by the arbitrators in accordance with paragraph (1) of this article shall be delivered to each party.

In practice, most awards in international arbitration compare favourably to judicial opinions in national courts, with discussion of the parties’ positions and submissions, and the tribunal’s factual and legal analysis. Depending on the case, an award may range from 10 to several hundred pages.

The formal aspects of awards are generally regulated by national law (in the seat), applicable institutional rules and (occasionally) by express provisions in the arbitration agreement. In most jurisdictions, and under most institutional rules, awards need only be written, reasoned, signed, dated, and with an indication of the place of arbitration. This typically means that multiple, identical copies of the award will be prepared, signed and dated by the tribunal. In some jurisdictions, further formalities are required, such as depositing the award with a court.