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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
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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.
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 Award by the Arbitrators:
The award by arbitrators is a crucial document finalizing the outcome of arbitration proceedings. Here's a concise guide for drafting this significant document:
Title and Identification: Clearly title the document as "Award by the Arbitrators." Include names of the arbitrators, case details, and the date.
Introduction: Begin with a brief introduction, acknowledging the arbitration process, the parties involved, and the issues under consideration.
Factual Findings: Present a clear and concise summary of the factual findings based on evidence and arguments presented during the arbitration hearings.
Legal Analysis: Provide a legal analysis of the issues, citing relevant laws, contracts, or precedents that support the arbitrators' decision.
Operative Part: Clearly state the operative part of the award, outlining the decisions, remedies, or damages awarded to each party.
Common Mistakes to Avoid:
Ambiguous Language: Use clear and unambiguous language to convey the decisions, avoiding any potential misunderstandings.
Failure to Address All Claims: Ensure that the award comprehensively addresses all claims presented during the arbitration to prevent disputes over omitted issues.
Inconsistency with the Arbitration Agreement: Ensure that the award aligns with the terms of the arbitration agreement, preventing challenges based on exceeding jurisdiction or violating procedural rules.
Failure to Sign and Date: All arbitrators should sign and date the award to confirm their agreement with the decision, providing legal validity.
Neglecting Formalities: Adhere to any procedural formalities required by the applicable arbitration rules or laws to avoid challenges to the award's enforcement.
The award by arbitrators is used in various legal contexts, including commercial disputes, construction disputes, and international arbitrations. It serves as the final and binding resolution of the issues in contention between the parties. By following these guidelines and avoiding common mistakes, a well-drafted award provides clarity and finality, promoting the effectiveness of the arbitration process.