Arbitration can be a brilliant way of resolving disputes without the cost and expense of formal litigation. Our superb team can see whether arbitration can work for you - whichever side of the dispute you are on. Call us today.
An arbitration award is similar to a court order.
Whilst there is no internationally accepted definition (yet) for an award, due to the many types of ‘awards’ available, it generally means a decision that is dispositive of (or deals with) the substantive issues the tribunal is charged to deal with.
There are the following generally recognisable categories of arbitration award:
- Partial Awards. These are commonly used to determine any issues of jurisdiction. This saves time and expense, as it would be inefficient to run a whole dispute, only to obtain a ruling that the tribunal did not have jurisdiction to make a decision/hear the matter.
- Foreign and Domestic Awards. It is important to distinguish between the two for enforcement purposes.
- Default Awards. These awards deal with arbitrations that proceed without one party, either where it fails or refuses to take part.
- Additional Awards. In instances where an award is rendered which does not deal with all the issues, the parties can request a further award to deal with this oversight.
- Consent Awards. The parties may settle the case prior to the tribunal needing to issue a decision. In these instances, they can agree an award, which has the terms of settlement embodied within it. This creates an award that can be enforced via the New York Convention.
Whatever the nature of your Arbitration enquiry – we have the team of experts to help you. FWJ are experienced in helping clients domestically and internationally resolve their disputes using Arbitration. No matter what your issues – call our team of experts today and we can help.