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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guideline for Drafting an Award by an Arbitral Tribunal:
Usage:
An Award by an Arbitral Tribunal is a legally binding decision issued by a panel of arbitrators to resolve disputes between parties who have chosen arbitration as their method of dispute resolution. This award is used in various contexts, including commercial contracts, international agreements, and labor disputes. Here's a concise guideline:
Identification: Clearly state the names of the parties involved, the names and contact details of the arbitrators, and the date and place of the arbitration proceedings.
Decision on Dispute: Provide a comprehensive and clear explanation of the tribunal's decision on the substance of the dispute, addressing each issue presented.
Damages or Remedies: If applicable, specify any damages, remedies, or awards granted to either party. Clearly outline the basis for these awards.
Costs and Fees: Address the allocation of arbitration costs and attorneys' fees, if provided for in the arbitration agreement or rules.
Signatures and Date: Include the signatures of the arbitrators and the date of the award.
Common Mistakes to Avoid:
Ambiguity: Ensure the award is unambiguous and comprehensible, preventing future disputes over its meaning.
Failure to Address All Issues: Address all issues presented by the parties in the arbitration to avoid the need for further proceedings.
Exceeding Authority: Stay within the limits of the arbitrators' authority, as defined by the arbitration agreement.
Omitting Legal Formalities: Follow all legal formalities required by applicable laws and arbitration rules.
Ignoring Timelines: Comply with any statutory or agreed-upon timelines for issuing the award to prevent challenges based on timeliness.
Drafting an award is a critical step in the arbitration process. It should be meticulous, clear, and well-reasoned to ensure it serves its purpose of resolving the dispute and is enforceable under applicable laws. Consulting with legal experts experienced in arbitration is advisable to avoid common pitfalls.